Ardagh Metal shares rise after SPAC merger

Shares edged higher as they began trading after merger with New York-listed cash shell

Shares in Ardagh Metal Packaging (AMP), the drink cans unit of Paul Coulson's Ardagh Group, edged higher as they began trading on Thursday following a merger with a New York-listed cash shell.

AMP shares advanced as much as 2.8 per cent to $10.89 (€9.20) in early trading in the US, a day after the company reversed into Gores Holding V, a special purpose acquisition company (SPAC), which itself gone through an initial public offering (IPO) 12 months ago to raise money for deals.

AMP has received about $1 billion between money raised in the original Gores Holding IPO and a subsequent share placing prior to the merger. Ardagh Group, led by chairman and chief executive Mr Coulson, has received $3.3 billion payment as part of the deal and retains an 82 per cent stake in AMP.

Gores Holding V changed its name to AMP on completion of the deal.


Mr Coulson said on Wednesday that Ardagh Group intends to remain “a committed, long-term majority shareholder as AMP continues its growth journey”.

AMP reported last week that its earnings before interest, tax, depreciation and amortisation (ebitda) jumped 24 per cent to $173 million on the back of 19 per cent sales growth, to $991 million, driven by soaring demand for beverage cans as drinks companies move away from plastic.

Mr Coulson has a 33 per cent indirect stake in Ardagh Group. He has indicated to shareholders in that business, which floated in New York in 2017 after placing an 8 per cent stake with stock market investors in an IPO, that they may be able to swap their Ardagh Group shares for AMP stock in time.

Joe Brennan

Joe Brennan

Joe Brennan is Markets Correspondent of The Irish Times