Nadir Figueiredo ends interest in O-I merger

  

Brazilian glass manufacturer Nadir Figueiredo has ended its plans to acquire O-I's tableware unit.

Nadir informed the Brazilian authorities on Tuesday night it had decided to give up the planned acquisition.

The company had announced the purchase of Owens-Illinois's Rio tableware unit in May 2017.

But the proposal was met with disapproval by the Brazilian authorities.

Brazil's Administrative Council of Economic Defense (Cade) disapproved of the merger.

It argued that the domestic market for glass utilities was already highly concentrated, even before the proposal.

The two companies were unable to reach an agreement with Cade and therefore decided to abandon the plan.

Nadir Figueiredo is a leader in Brazil's domestic glassware market and the owner of brands such as Marinex and Duralex.

Pictured: Nadir Figueiredo's Suzano site in Sao Paulo.