Ardagh approval for acquisition

Glassmaker Ardagh has received formal approval from shareholders for its acquisition of bonds in troubled Canadian glass company Consumers International.

At an extraordinary general meeting in Dublin yesterday, shareholders approved the purchase of $53.9 million (€62.7 million) worth of bonds issued by Consumers and the participation by Yeoman International Holdings, a 20 per cent shareholder in Ardagh, in the financing of the purchase.

Ardagh and Yeoman already have $32.6 million worth of Consumers' senior secured bonds. This will give them 50.9 per cent of the bonds and puts them in a key position to gain control of Consumers, which was put into the equivalent of examinership last month.