British Firm to Buy American National Can

Britain’s Rexam has agreed to buy Chicago-based American National Can, the world’s second-largest producer of aluminum beverage cans, for $2.1 billion. The deal would give London-based Rexam, manufacturer of cans, cartons and boxes, a strong presence in the North American can market, said Chief Executive Rolf Brjesson. Coca-Cola Co. accounts for more than half of American Can’s sales. It also supplies cans to Anheuser-Busch Cos. and Adolph Coors Co. Rexam is paying $18 a share for American National Can, well above Friday’s closing price of $13.13. On Monday, American National Can’s shares jumped $4.06 to close at $17.19 on the New York Stock Exchange. Both companies’ boards have unanimously approved the merger. American National Can had sales of $2.33 billion last year, trailing only Ball Corp. It operates 22 plants in the U.S. and 13 in Europe, as well as plants in Brazil, China, Japan, Mexico and South Korea.