Amcor acquires majority Alcon Packaging businesses from Rio Tinto

Amcor has completed the acquisition of Alcan Packaging food Europe, food Asia, global pharmaceutical

The acquisition provides Amcor with global positions in the nominated strategic growth markets for flexible packaging and folding carton packaging for tobacco. Earlier in August, the company received a binding offer from Amcor for these businesses for a total consideration of $2.03bn.

The businesses acquired exclude Alcan's medical flexibles operations in the US. The sale of medical flexibles operations in the US is the subject to approval of US Department of Justice. The consideration has been adjusted to exclude medical flexibles operations and to reflect the actual business performance over the past six months. The final consideration remains contingent upon certain customary post-closure adjustments.

Guy Elliott, CFO of Rio Tinto, said: "The completion of this complex transaction is another significant step in the recapitalization of our balance sheet. Since the start of 2009, we have completed divestments of $5.6bn despite a difficult environment created by the global financial crisis.

"These proceeds, together with the proceeds from our successful rights issues and strong underlying cash flows, provide us with the flexibility to pursue value adding investment opportunities as they arise."

Ken MacKenzie, managing director and CEO of Amcor, said: "From a strategic perspective, the businesses we have acquired are strongly aligned with our nominated growth segments, and provide the ability to substantially improve the value proposition for our customers.

"We are now focused on ensuring seamless integration of these businesses and on achieving the synergies and opportunities offered by this acquisition."