Ardagh : Stars need to align

Ardagh's business is not the issue. It may be cyclical, but it is structurally growing, and the group has very often been able to offset its costs. To the group’s credit, volumes have probably never been as volatile as they have been over the last two years, first with the post-Covid overstocking, then with the current destocking, exacerbated by the Bud-light scandal. Excessive debt, inherited from a long-standing aggressive policy, and limited time to refinance are the real prob...