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Ardagh : Expansion through asset monetisation
In this note, we come back to the spin-off of the metal packaging division (“AMP”), which echoed the Trivium transaction in 2019. In short, the transaction adds further complexity to the structure and opens the doors to cash leakage in the future. However, it also enables Ardagh to monetise a strong asset, with proceeds being used to reduce net leverage by ~0.8x to 4.1x at Opco level and 6.1x at Holdco level. There are still uncertainties over the amount of proceeds that will be ...
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Oddo BHF
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
Joan Sehim
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