Steel company Rio Tinto PLC said Wednesday it has received an offer from Sun European Partners LLP to acquire its Alcan Beauty Packaging business.
Rio Tinto said the terms of the binding offer are confidential, adding that it has entered into a period of exclusivity with Sun European as it considers the offer.
The beauty packaging division, a leader in the market for plastic packaging for beauty products, employs around 8,000 people in 26 plants across 12 countries. It is the only part of Alcan Packaging still owned by Rio Tinto after it sold a large chunk of the business to Australian packaging company Amcor in a deal worth around $2 billion earlier this …
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