US-based beverage can manufacturer Ball Corporation has received an approval from the European Commission (EC) for its proposed £4.4bn acquisition of Rexam.
The move marks the final regulatory clearance in Europe for the company to complete the acquisition.
Additionally, the EC has approved Luxembourg-based packaging maker Ardagh Group's offer to acquire certain Ball and Rexam businesses.
In April, Ardagh agreed to acquire certain metal beverage can manufacturing facilities in Europe, Brazil and the US from Ball and Rexam for $3.42bn.
Ball's deal, which received final unconditional regulatory clearance on 8 June in Brazil, is subject to US regulatory clearance.
Rexam produces close to 64 billion cans of varied sizes annually, which are used for products including carbonated soft drinks, beer, energy drinks and other drinks categories.
The new entity that will be formed as a result of the acquisition is expected to supply the beverage, food, personal care, household product and aerospace industries with close to $15bn in revenues.
In a statement, Ball earlier said that the combined entity is expecting to be able to achieve net annual cost synergies of approximately $300m in the third financial year of operations of the combined group.
Ball Corporation is engaged in supplying sustainable packaging solutions for beverage, food and household products customers, as well as aerospace and other technologies and services primarily for the US government. It employs 15,200 people.
