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Share Name | Share Symbol | Market | Type |
---|---|---|---|
OI Glass Inc | NYSE:OI | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 13.17 | 2 | 12:00:03 |
The Federal Trade Commission is seeking to block glass and metal-packing firm Ardagh Group's planned acquisition of Compagnie de Saint-Gobain S.A.'s (SGO.FR) U.S. glass-bottle operations, saying the purchase would violate U.S. anti-trust laws.
Ardagh said in January that it planned to buy Saint-Gobain's glass bottle-making operations for $1.7 billion, in a deal expected to create the biggest U.S. company in the sector.
The FTC said Monday the deal would reduce competition and result in the merged company and rival Owens-Illinois Inc. (OI) controlling more than 75% of the U.S. markets for glass containers for beer and liquor customers.
Representatives from the two companies could not immediately be reached for comment.
"This combination would lead to higher costs for brewers and distillers and less innovation in the glass container industry," said Norman Armstrong Jr., deputy director of the FTC's bureau of competition. "Ultimately, this transaction will result in higher prices for consumers."
The agency has authorized its staff to seek a temporary restraining order and preliminary injunction on the deal pending an administrative trial.
The FTC noted that glass bottle prices have increased more than plastic bottle and aluminum can prices in recent years, as three manufacturers, including Ardagh and Saint-Gobain, have dominated the market.
Reducing the number of competitors even more would make it much easier for two remaining companies to ratchet up prices, the FTC said.
Ardagh has been on a three-year North American buying spree since entering the U.S. market in 2010 after buying French can-manufacturing business Impress Group.
Write to Kristin Jones at kristin.jones@dowjones.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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