The UK-Based bottle and can manufacturer Rexam is to try and raise £85m in an attempt to boost its presence in Germany and fund acquisitions.
Rexam plans to place close to 5% of its current issued share capital, or 21.57m new shares. The proceeds of the share issue will be used to buy glass container maker Luner Glashuttenwerke for £33m and fund more acquisitions this year, the company said.
In a statement chief executive Rolf Borjesson said the placing would give Rexam additional financing flexibility and enable it to fund further small acquisitions during 2003 without having to raise fresh capital.
Finance director Michael Hartnall said: “We’re talking about smaller deals which will be funded out of existing cash.”
Rexam, is the world’s fifth largest packaging company and makes packaging in metal, glass and plastic for a range of sectors.
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