Consumers Packaging To Conclude Anchor Glass Deal

Consumers Packaging Inc (Canada) is spending US$208m to boost its position in North America's beer, soft drink, food and spirits bottle-making market through a US$392.5m joint bid with Owens-Brockway Glass Container Inc for Anchor Glass Container Corp., the ailing US subsidiary of Mexico's Vitro. The deal consists of US$333.6m in cash and US$58.9m in convertible preferred and common equity of a newly-formed subsidiary of Consumers. The company, which currently owns 7 plants in Canada, says it will more than double its sales to US$1bn with the purchase of most of the assets of Anchor Glass (annual sales $820m and 13 plants). Anchor filed for Chapter 11 bankruptcy protection in September.