Irish-backed packaging giant Ardagh will this week take the first steps to floating at least some of the Euros 3.2 billion-a-year business on Wall Street later this year. The group, a world leader in food and drink packaging, announced yesterday that it intends to inform the US markets regulator, the Securities and Exchange Commission (SEC), of its intention to complete an initial public offering of its shares and to list Ardagh in the US. "The offering is expected to be completed as early as the third quarter, subject to regulatory clearance and market conditions," Ardagh said in a statement. "The number of shares to be offered and the amount proposed to be raised in the offering have not yet been determined." The group said it intended to use the money raised to clear part of its Euros 2.6 billion debt, fund possible acquisitions, provide working capital and other general corporate purposes.
