Owens-Illinois has announced that it has entered into exclusive negotiations to acquire BSN Glasspack, SA., the second largest glass container manufacturer in Europe, from Glass pack Participations, a company controlled by investment funds advised by CVC Capital Partners Europe. Total consideration for the acquisition would be approximately 1,160M Euros in cash, including the assumption of debt. The parties expect to reach an agreement shortly. BSN will initiate consultations immediately with the appropriate employee works councils in accordance with applicable labour laws. The acquisition would be subject to regulatory approval, with the closing expected in the second quarter of 2004, assuming satisfactory completion of these steps. BSN owns and operates 19 plants located in France, Germany, the Netherlands and Spain.
