Paul Coulson’s Ardagh mulls listing beverage cans unit

Packaging group in talks to merge component with US-listed cash shell

Ardagh Group, the global packaging group led by Irish financier Paul Coulson, is reportedly considering listing its beverage can business by merging it with a US-listed company that has raised money for the purpose of acquistions.

Ardagh has held talks to merge the unit with the special purpose acquisition company backed by billionaire financier Alec Gores, Bloomberg reported, citing unnamed sources. No deal has been reached and the discussions could fall apart, it said.

Ardagh may also consider other methods of spinning off the business or decide to keep it, according to the people. Representatives for Ardagh and Gores Holdings V declined to comment.

Mr Coulson is chairman, chief executive and effective 33 per cent shareholder of New York-listed Ardagh.


Ardagh manufactures packaging for the food, drinks, pharmaceutical and personal care markets. Its cans are used by beverage brands including Beavertown, Heineken and Perrier. The company's metal beverage packaging business in Europe generated $421 million (€347 million) of revenue in the third quarter of 2020. It reported $478 million of sales in the Americas during the three months through September.

Gores Holdings V raised $525 million in August for an acquisition. The so-called blank check company’s paperwork doesn’t specify a particular sector in which it will pursue a transaction.

Packaging companies have struck $12.8 billion of deals globally during the past 12 months, according to data compiled by Bloomberg.

- Bloomberg