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Billionaire Graeme Hart's $449 million purchase of a big American milk carton maker, Blue Ridge Paper Products, from a New York investment fund and company workers was settled yesterday.
The deal between KPS Special Situations Fund and a subsidiary of Hart's Rank Group was announced in June. Blue Ridge was 55 per cent owned by KPS Fund and 45 per cent by Blue Ridge employees, who paid for their shareholding with a 15 per cent cut in wages and a seven-year wage freeze that ended last year.
Hart is the world's second biggest manufacturer of drink cartons, after spending about $4.5 billion on buying up companies.
