Swedish Packaging Group Supports Bid

PLM is supporting a cash takeover bid of SK45.13bn (£379m) from UK packaging group Rexam, according to the Financial Times of 16th December 1998. The decision, which was unanimous, was finally taken after considering industry prospects and the offer itself. Since the bid from Rexam, Saint-Gobain and French company, Pechiney, are also believed to have considered PLM. Rolf Borjesson, chief executive of Rexam and formerly chief executive of PLM, believes that the move would make the group one of the world's top ten consumer packaging groups and would allow it to better serve its customers. However, it remains to be seen whether the takeover will go ahead. (whole item)