Tetra makes bid for French packaging
billion euros ($1.5 billion) to acquire French packaging-machine
maker Sidel.
Tetra...
Tetra Laval, the Swedish packaging giant, on Tuesday offered 1.7 billion euros ($1.5 billion) to acquire French packaging-machine maker Sidel. Tetra offered 50 euros per share for Sidel, one of the world's largest makers of machines for producing plastic bottles, a Sidel statement said. The Sidel board of directors unanimously agreed thatthe offer was in the company's and its shareholders' interest and recommended that Sidel shareholders tender their shares in the offer. The move would boost the position of Tetra as a leading presence in the European packaging market for food and beverages. The takeover of Sidel comes as the French company on Tuesday posted a 38 per cent drop in2000 operating profit to 70.8 million compared with 112.5 million in 1999.
