Ardagh has unveiled plans to demerge its glass container manufacturing businesses in the UK and Italy into a new company called Ardagh Glass.
The proposal is being backed by the company's largest shareholders HgCapital and Yeoman, who own nearly 31% and 23% respectively. An EGM to vote on the plan is to be held on January 15.
The new glass business, which includes Rockware in the UK, will be an unlisted company incorporated in Guernsey. Existing shareholders will be offered one ordinary shares in the new company for every one they hold in Ardagh.
Ardagh's remaining businesses, which comprise residual glass packaging and other operations at Ringsend in Dublin will continue to be listed in Dublin. This company has also hoping to develop a warehousing and distribution business on the Ringsend site, but this is subject to a High Court hearing in the first half of next year.
Shares in Ardagh closed five cent lower at €1.35 in Dublin on Friday evening.
