Irish-based glass container manufacturer Ardagh plc, has acquired senior secured bonds for a face value of Euro 36.5m in Consumers International, the troubled Canadian glass group which is the third-largest producer of glass containers in North America. The acquisition was made in partnership with its 20% shareholder Yeoman International and subject to shareholder approval at the annual meeting on 31 May. Ardagh will buy further bonds for US$ 53.9m to bring its holding to 50.9% of the total amount outstanding. Although it is too early to say if Ardagh would achieve its objective of acquiring a controlling stake in the group, its majority holding of the senior secured bonds would allow it to have a key role in the planned restructure. Two years ago Ardagh acquired UK glass maker Rockware, and if it achieves its aims could increase turnover 5 times.
