Rexam, the global consumer packaging group, confirms that it has received approval from the Chinese authorities and anticipates completion of the sale of its Cosmetics, Toiletries and Household care products business to an affiliate of Sun European Partners, LLP for US$459m in cash, subject to closing accounts adjustments, later today.
This, together with the sale of the High Barrier Food business (as announced on 31 August 2012), finalises the sale of Rexam’s Personal Care business for a total of US$709m (£439m) subject to adjustments.
On 3 July 2012, Rexam announced its intention to return around £370m to shareholders following completion of the disposal of Personal Care. Rexam anticipates that on or about 8 January 2013 it will post a circular to shareholders regarding the proposed Return of Cash by way of a B share scheme and also a share capital consolidation. The circular will also include notice of a general meeting.
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