KEY POINTS:
BRUSSELS - New Zealand investment firm Rank Group has formally filed with the European Commission for authority to acquire Swiss packaging maker SIG, commission records show.
The deal was formally filed with the Commission on February 9, but was made public on the weekend.
The deal falls under the jurisdiction of Brussels because Rank does business in the 27-member European Union.
The deadline for consideration is March 16, but it could be extended if the commission finds any potential competition problems.
The commission is already considering a rival bid for SIG by CVC Capital Partners and FERD of Norway. That deal, filed on November 10, is getting an in-depth review. The deadline for completion is May 15.
The SIG board has urged shareholders to reject the Rank bid.
- REUTERS
