Elopak raises SIG bid

Norway's Elopak has raised its offer for Swiss packaging group SIG to 400 Swiss francs ($471) per share, the next step in a takeover battle with Graeme Hart's Rank Group.

Elopak's parent company, FERD, is bidding for SIG with private equity house CVC Capital Partners.

The latest offer values SIG at 2.6 billion Swiss francs and is above a rival 370-francs-per-share bid from Rank Group. SIG shares closed at 406.5 francs on Wednesday.