Packaging supplier RPC Group is vying to buy Icelandic competitor Promens for €386 million ($480.1 million), the firm said in a statement.
The combination of the two businesses would create a "significantly enhanced European platform" in rigid plastic packaging, the board said, and would strengthen its position in markets where Promens is already established, as well as creating cost-saving synergies of €15 million ($18.7 million).
RPC said it would raise about £200 million (€251.3 million/$312.5 million) pounds through a fully underwritten one-for-three rights issue at £3.20
