Hints and tips:
...He was a long-serving finance director at Rexam before it was acquired and holds board seats at DS Smith and FirstGroup. Permira has hired Bruno Strigini as a senior adviser focusing on healthcare....
...These included the $8.6bn takeover of the UK’s Rexam by rival US can maker Ball and the proposed $7.9bn acquisition of Italian tyremaker Pirelli by ChemChina....
...“Rexam would free itself of the weakest link in its plastics portfolio,” said Merrill Lynch....
...Rexam was up 3.4 per cent to 303¼p after Merrill Lynch restarted coverage with a “buy” rating and 380p target price for the packaging maker ....
...Though demand from healthcare customers for its plastic packaging products held up well, there was “sustained weakness” in demand for personal care and other closures....
...Aside from the money market concerns, profit warnings from Rentokil Initial , down 22.1 per cent at 114.3p, and drinks can maker Rexam , off 16.1 per cent at 409p, also weighed on the market....
...This is in a market where demand for medical devices is growing at 4-6 per cent yearly as the world’s population ages and healthcare standards rise....
...O-I, part of US group Owens-Illinois, specialises in rigid plastic packaging for healthcare and plastic closures, both identified as growing markets....
...But Rexam, the world’s leading drinks can manufacturer, eased 1.5 per cent to 511p on short selling ahead of today’s results....
...ISoft, the healthcare IT company, lost 6.6 per cent to 162¾p as Morgan Stanley, house broker, slashed its rating to “equalweight”....
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