If we can believe this report from India's The Economic Times, Essel Propack Ltd. of Mumbai, India, now is in the running to buy Alcan Inc.'s packaging business. It's hard to tell much from this story. It doesn't quote anyone on the record, and it's not clear if Essel Propack is the only company negotiating with Alcan, or whether it is one of many candidates. Here's what the report does say:
Senior Essel Propack executives have been in talks with Alcan Packaging Beauty, after the Montreal-based Alcan said it plans to sell its packaging unit as part of a restructuring exercise, said sources close to the development. While the deal's financial size couldn't be ascertained, Alcan Packaging had posted sales of $800 million last year.An Essel Propack spokesman declined to comment, according to the story. Alcan is looking for buyers for the unit after being purchased by London's Rio Tinto Ltd. in August. Our story a few weeks ago speculated that prospective buyers for Alcan's packaging business included Sealed Air Corp., Bemis Co. Inc. and Amcor Ltd.