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Exhibit (a)(1)(P)
PRESS RELEASE
ACQUISITION OF AMERICAN NATIONAL CAN GROUP, INC ("ANC") NOW APPROVED BY THE EU
COMMISSION
Rexam PLC ("Rexam"), the global consumer packaging company, announces that it
has received regulatory approval from the EU Commission for its acquisition of
ANC, the world's No 2 beverage can maker, clearing the way for Rexam to close
its cash tender offer (the "Offer") for ANC. As a result of the approval, Rexam
currently anticipates that there will be no further extension to the Offer
beyond its scheduled expiration date on 21 July 2000. The acquisition will make
Rexam the world's fifth largest consumer packaging company and the world's No 1
beverage can maker.
The Offer has been subject to the acceptance by a majority of ANC shareholders,
regulatory approval, and the passing of an ordinary resolution by Rexam
shareholders. The ordinary resolution was passed on 17 May 2000 and at 18 July
2000, approximately 82.5% of ANC's outstanding shares had been tendered. The
Offer, which was previously scheduled to expire on 19 July 2000, was further
extended on 17 July to 21 July, to allow remaining ANC shareholders to tender
their shares. Formal completion of the acquisition is expected during the week
commencing 24 July 2000. Assuming at least 90% of the outstanding shares are
tendered into the offer, Rexam plans to effect a short form merger at that time
under which it will acquire 100% ownership of ANC.
To meet the concerns of the EU Commission regarding competitive issues, Rexam
has undertaken to divest three plants, one in Southern Europe and two in
Northern Europe representing combined sales of (pound)125 - 150 million, and
approximately 7% of the combined beverage can turnover of the two companies. The
possible need for divestments, as anticipated at the time of the Offer, had been
factored into Rexam's original acquisition analysis.
Commenting on today's announcement, Rolf Borjesson, Rexam's Chief Executive,
said: "We are delighted to receive regulatory approval for the acquisition of
ANC. By bringing together these two companies, Rexam will become a major force
in global consumer packaging and consequently we will be able to provide even
better service for our customers. I am pleased to report that we anticipate
further potential synergies, and that the net effect after the divestments is
well in line with our indications at the time we announced the offer in April.
As previously stated, the acquisition is expected to be earnings enhancing pre
goodwill amortisation in the first full year following completion, and to cover
its cost of capital in the second full year".
19 July 2000
ENQUIRIES
REXAM PLC +44 (0) 20 7227 4100
Rolf Borjesson, Chief Executive
Michael Hartnall, Finance Director
Per Erlandsson, Director of Corporate Communications +44 (0) 20 7227 4140
FORWARD LOOKING STATEMENTS
Certain statements in this news release relating to the Offer and consummation
and success of the merger are forward looking statements which involve a number
of risks and uncertainties which could cause actual results to differ materially
from those anticipated in the forward looking statements. These include changing
business or other market conditions and the success of the business combination
as planned by the parties. These and other factors could adversely affect the
outcome and financial effects of the plans and events described herein.
