Hart buy at top end

Billionaire Graeme Hart's purchase of US packaging operations for US$2.7 billion ($3.6 billion) in cash was at the upper end of an estimated valuation range.

Analysts at Citi Investment Research previously valued the packaging and consumer business of the aluminium giant, Alcoa, bought by Mr Hart's Rank Group, at between US$2.3b-US$2.8b.

The segment, which includes products like plastic and aluminium packaging closures, blister packaging, shrink labels and Reynolds brand foil and food wraps, generated US$3.2b in revenue last year, and after-tax operating income of $95 million.