The European Commission has approved New Zealand's Rank Group's purchase of US aluminium giant Alcoa's packaging and consumer business.
The commission says the deal raises no competition issues.
Rank, owned by kiwi billionaire Graeme Hart, agreed to purchase Alcoa P & C for US$2.7bn in December.
GERRESHEIMER SALES UP
Glass and plastic product producer Gerresheimer AG has reported a record sales growth of 48.1 percent to €957.7m for 2007.
Operating results (Adjusted EBITDA) rose by 48.1 percent from €122.6m in the prior year to €181.6m.
On the basis of continuously increasing demand for special packaging for the pharma and life science industry, Gerresheimer expects sales to increase between 13 and 15 percent in the 2008 financial year.
Gerresheimer Chief Executive Dr Axel Herberg says the firm has had a successful start to the year.
"In the highly specialised markets for packaging and system solutions, Gerresheimer is widely recognised as a leading global partner for the pharma & life science industry.
"I have no doubt that in the current year we will be able not only to consolidate our position but expand it intensively."
BASF REPORTS TEN PERCENT SALES INCREASE
BASF has reported full-year sales results of almost €58bn and income from operations (EBIT) before special items of more than €7.6bn in 2007.
In 2007, sales rose by more than ten percent and EBIT before special items grew by approximately five percent.
In the fourth quarter of 2007, BASF slightly increased sales by almost two percent.
EBIT declined by just over three percent, primarily due to low capacity utilisation rates as a result of turnarounds of key plants that lasted longer than scheduled.
Volume demand and the level of orders remained strong in the fourth quarter of 2007.
Source: packaging-technology
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