Amcor CEO Expects US, European Antitrust Approval On Alcan Buy
October 22 2009 - 12:23AM
Dow Jones News
Amcor Ltd. (AMC.AU) Chief Executive Ken MacKenzie said Thursday
he expects U.S. and European trade regulators to approve its A$2.44
billion acquisition of parts of Rio Tinto Ltd.'s (RTP) Alcan
packaging business.
MacKenzie told reporters after the company's annual general
meeting in Melbourne that he expects the deal, announced in August,
to close by Jan. 1 pending regulatory approval.
Initial feedback from regulators should come in the next six
weeks, he said.
The company currently has net debt of A$3.4 billion or debt
gearing at 43%, up from A$2.6 billion at June 30 and gearing of
46%.
With targeted gearing of 50%, MacKenzie said Amcor has
sufficient headroom for further acquisitions.
Within two years of the close of the Alcan deal, Amcor
anticipates strong cash flow, which may allow for further capital
management, including reinvestment in the business, debt reduction
or return to shareholders.
-By Andrew Harrison, Dow Jones Newswires;
61-3-9292-2095; andrew.harrison@dowjones.com
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