Big deal: Hart buying Pactiv for $6 billion


He may only be the world’s 144th richest man (according to Forbes’ 2010 ranking), but New Zealand tow truck driver-turned-billionaire Graeme Hart is riding high in the plastics packaging universe.

Pactiv Corp., maker of Hefty trash bags, said Aug. 17 that it will be acquired by a division of Hart’s Rank Group Ltd. in a deal worth about $6 billion.

Reynolds Group Holdings Ltd. of Auckland, New Zealand, will buy Pactiv of Lake Forest, Ill.

According to an Aug. 17 news release, Reynolds Group is offering Pactiv shareholders $33.25 per share, a premium of about 39 percent more than the...
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