Schoeller Allibert Is in Merger Talks With IPL
(Bloomberg) -- Dutch packaging firm Schoeller Allibert Group BV is in talks to merge with Irish rival IPL Plastics Inc., according to people familiar with the matter.
Schoeller Allibert, majority owned by an affiliate of Brookfield Asset Management Inc., has been in merger talks with IPL for several months, said the people, who asked not to be identified because the matter is private. Discussions are ongoing and there’s no certainty they will lead to a deal, they said.
Representatives for Brookfield, IPL and Schoeller Allibert declined to comment.
IPL jumped as much as 6.8 percent in Toronto Friday, before settling up 4.9 percent at C$10.70 at 9:32 a.m, giving the company a market value of about C$572 million ($437 million). IPL is based in Dublin but has an office in Montreal.
Its shares have declined about 21 percent since its initial public offering in June, which raised C$178.2 million, according to data compiled by Bloomberg. The company makes plastic containers for customers including Danone yogurts, according to its website.
Brookfield Business Partners LP, Brookfield’s publicly traded private equity arm, agreed to acquire 75 percent of Hoofddorp-based Schoeller Allibert in January for about $234 million. That deal closed in May.
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