(Bloomberg) -- Packaging maker Sonoco Products Co. is among bidders for Crown Holdings Inc.’s cans unit, which is expected to fetch more than $2 billion, according to people familiar with the matter.
Other suitors include private equity firms KPS Capital Partners, Lone Star Funds, Onex Corp. and Platinum Equity, said the people, who asked not to be identified because the information is private. Crown is working with an adviser to run an auction for the unit, the people said.
Crown’s shares pared losses on the news. The stock was down 2% at 1:48 p.m. in New York on Monday, after falling as much as 4.8% earlier in the day.
Representatives for Sonoco, Platinum, KPS and Lone Star declined to comment. Representatives for Crown and Onex didn’t respond to requests seeking comment.
Crown, the world’s largest manufacturer of food cans, launched a strategic review for its cans division in 2019. The Philadelphia-based company, which traces its origins to 1892, has more than 200 manufacturing plants globally. Most of its revenue comes from outside the U.S.
A purchase of Crown’s can business would expand Hartsville, South Carolina-based Sonoco’s international sales, particularly in Europe, which makes up about 20% of the business. The company has previously looked to dealmaking to fuel growth.
(Updates with Crown share price in third paragraph)
Últimas Noticias
Debanhi Escobar: they secured the motel where she was found lifeless in a cistern
Members of the Specialized Prosecutor's Office in Nuevo León secured the Nueva Castilla Motel as part of the investigations into the case
The oldest person in the world died at the age of 119
Kane Tanaka lived in Japan. She was born six months earlier than George Orwell, the same year that the Wright brothers first flew, and Marie Curie became the first woman to win a Nobel Prize
Macabre find in CDMX: they left a body bagged and tied in a taxi
The body was left in the back seats of the car. It was covered with black bags and tied with industrial tape
The eagles of America will face Manchester City in a duel of legends. Here are the details
The top Mexican football champion will play a match with Pep Guardiola's squad in the Lone Star Cup
Why is it good to bring dogs out to know the world when they are puppies
A so-called protection against the spread of diseases threatens the integral development of dogs
