MELBOURNE, AUSTRALIA (April 13, 5:10 p.m. ET) — It was third-time lucky for one of Australia's largest rigid packaging manufacturers and distributors, Melbourne-based Pact Group Pty. Ltd., after it received approval from Australia's competition watchdog in its third takeover attempt of rival firm Viscount Plastics Pty. Ltd.
The Canberra-based Australian Competition and Consumer Commission (ACCC) said it will not intervene in Pact's proposed acquisition because the deal will not substantially lessen market competition.
Melbourne-based Viscount is a division of the global packaging and materials handling company U.K.-based Linpac Group Ltd. It manufactures rigid plastic containers, food packaging, plastic materials handling equipment and lubricant packaging. It has operations in Australia, New Zealand, China and Malaysia.
Pact manufactures plastic products for the food and retail industries, including PET bottles and containers, plastic closures and plastic crates. It also manufactures larger containers for industrial applications, including plastic pails, cubes, drums and jerry cans.
ACCC had previously performed two public reviews, in April 2008 and April 2009, on Pact's proposed purchase of Viscount. Each time, both companies discontinued the sale process after ACCC released its preliminary concerns.