Rexam plc is progressing with plans to sell its personal care unit, with Barclays Capital managing the offering. The London-based packaging company had announced plans to sell the unit last fall. CEO Graham Chipchase updated investors on the plan when the company released its 2011 results. "While personal care is an attractive, well run business and given that we can generate better returns elsewhere in the group, it is likely to be of greater value to another owner," Chipchase said in a story from our sister publication PRW. Bloomberg reported later in the afternoon that Chipchase declined to comment on potential buyers, or the valuation of the unit. That report quotes Ross Gilardi, a Bank of America Merrill Lynch analyst, saying the business is worth 350 million pounds sterling ($549 million). How does that valuation sound to Plastics Blog readers? A little high?
Update on sale of Rexam's personal care unit
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