Orora, an Australian packaging company, making a multi billion bid for SaverGlass, a French glass bottlemaker from private equity firm Carlyle Group for A$2.16 billion ($1.4 billion).
Orora is looking to expand its presence in the wine and spirits market, and SaverGlass is a major supplier of bottles to Grey Goose, one of the world’s most popular vodka brands.
Orora is “drawing its gun” to get the deal done, which suggests that it is willing to go to great lengths to acquire SaverGlass. This could include making a higher offer or threatening to walk away from the deal.
SaverGlass’s board of directors is reviewing the offer and is expected to make a decision in the coming weeks. If the board accepts the offer, it would be a major coup for Orora and would give it a significant foothold in the global glass bottlemaking market.
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“The negotiations will take some days to finalise due to a number of factors including the size and global nature of the target business,” Orora said in a statement, while requesting a voluntary suspension of trading in its shares on the Australian bourse.
Saverglass, which was purchased by Carlyle in 2016, manufactures premium glassware including for luxury spirits and wine makers like Grey Goose, Hennessy and Rhum Clement, according to an investor presentation.
