Australian glass manufacturer Orora wants to buy French group Saverglass.
The Australian glass packaging group confirmed it is in advanced discussions regarding a potential acquisition of the French high-end glass bottles manufacturer.
"The negotiations will take some days to finalise due to a number of factors including the size and global nature of the target business," Orora said in a statement, while requesting a voluntary suspension of trading in its shares on the Australian bourse.
Shares of Orora were placed on a trading halt on Monday.
The voluntary suspension would remain in place until earlier than commencement of trading on September 1, or Friday, or when Orora requests for the voluntary suspension otherwise be lifted, the company said.
Saverglass manufactures and decorates high-end glass bottles for wines and spirits, and recorded total sales of €786 million last year.
It has glass manufacturing sites in France, Belgium, the UAE and Mexico. It was founded in 1897 in the historic Bresle glassmaking valley in northern France.
Saverglass President Jean-Marc Arrambourg spoke to Glass International in April 2023 about its recent investment at its Mexican site. the interview is available to read here.
Orora operates a glass manufacturing facility in Gawler, South Australia state.