Graeme Hart's Rank Group has obtained 81.3 per cent of shares in Swiss packaging group SIG and declared its $3.2 billion takeover offer successful.
Rank, which has extended its friendly cash offer of 435 francs per share until April 19, declared the offer successful on Friday, subject toseveral conditions which the board will put to shareholders.
SIG said separately the takeover should be completed shortly after its annual general meeting on May 7, with payment expected on May 11.
Rival bidder Norwegian packager Elopak gave up its fight days after Rank raised its bid from 370 francs per share, saying it would not make a fresh counterbid for SIG, one of the world's largest food and drink packagers.
The directors have recommended the Rank offer because of the cash price, the "industrial logic", and Rank's intention to continue operating SIG as an independent unit under the current management team in Switzerland as a platform for future growth.
"The board recommends those SIG shareholders who have not yet tendered their shares to Rank to do so during the additional acceptance period lasting from April 4 to 19," SIG said in a statement.
Rank owns Carter Holt Harvey, a market leader in cardboard and packaging in Australia and New Zealand, and plans to acquire 100 per cent of SIG.
Rank secured its latest acquisition in December, when International Paper agreed to sell its beverage packaging unit for US$500 million ($702 million).
Rank is also in talks to buy US milk carton packager Blue Ridge Paper Products.
