Alcan (Montreal / Canada; www.alcan.com) has accepted a takeover offer from Anglo-Australian Rio Tinto (London / UK; www.riotinto.com) of around USD 38 bn following its defence of a hostile bid from aluminium world leader Alcoa. The deal has created a new global leader, Rio Tinto Alcan, with combined sales of USD 49 bn which will be headquartered in Montreal.

The friendly takeover is centred on bauxite and clay mining operations and downstream aluminium production. The future of the Alcan Packaging division (www.alcanpackaging.com) remains in doubt as, in the opinion of Alcan CEO Dick Evans, it has better development potential outside the existing company. The unit will be sold, but when and to whom is the subject of speculation.

With sales of more than USD 6 bn and 31,000 employees at 129 production sites, the division is one of the largest packaging groups in the world. 63% of its sales come from fruit packaging, 16% from the pharmaceutical and medical segment, 13% from cosmetics and body care, and 8% from tobacco goods.

As well as aluminium, the division makes use of plastics, paper and other materials. Since taking over its French competitor Pechiney in 2003 – see Plasteurope.com of 09.10.2003 – Alcan Packaging has been regarded as the leading European company for plastics packaging.

Alcan is keen to sell the division as a complete unit, with a private equity company the most likely buyer. It is not surprising, therefore, that names including Apollo, Blackstone, KKR and Goldman Sachs have been suggested by the North American press.

However, the company’s broad portfolio raises speculation on splitting up the business. Strategically interested players including AptarGroup, Berry Plastics, Rexam, Silgan and Pactiv are reported to have shown interest in certain parts of the operation.