Rio Tinto plc is getting closer to selling the Alcan packaging business, according to this Reuters story. The report, which cites unnamed "sources familiar with the situation," says potential bidders include packaging rivals Amcor Ltd., Bemis Co. Inc. and private equity firms Apollo Global Management and Bain Capital. The story cites analysts -- again, none are named -- who say the business "could be worth more than $5 billion." One source said the latest round of bidding is scheduled for Sept. 30, but it could be delayed. This is one of those "sources said" stories that probably has more than a bit of truth -- I'm sure Reuters has good sources in the investment banking community who have a handle on which companies are taking a serious look at Alcan. Whether they actually bid is less certain, and the price tag definitely could be wild speculation (or wishful thinking on the part of a source trying to encourage a bidding war). So don't be surprised if we may learn more in a few weeks.
Alcan sale coming soon?
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