Owens-Illinois Inc (OI), plans to acquire Europe's second largest glass container manufacturer, BSN Glasspack SA, for around US$625M and the assumption of US$835M in debt. The deal will crate the largest glass container maker in Europe, primarily making bottles for wine, spirits and beer. Though OI, based in Toledo, USA, is strong in the UK and Italian markets, BSN will give it a presence in France, Germany and Spain. The deal must still be approved by French regulators, through the companies expect it to close before June, say people familiar with the situation. Both BSN and OI declined to comment. Paris-based BSN is owned by Glasspack Participations, a company controlled by funds advised by private equity firm CVC Capital Partners Europe. With 19 plants and 6,400 employees, BSN last year recorded sales of around US$1,600M.
