Market chatter suggests New Zealand's richest man, Graeme Hart, may sell off some of his packaging businesses later this year, perhaps in a sharemarket float.
The Business Herald understands Hart's Rank Group is contemplating some form of sale which would not include New Zealand assets. It is understood the sale would comprise a small portion of Hart's packaging empire in the Northern Hemisphere.
The Australian Financial Review, without citing sources, reported yesterday that Rank Group, owner of the world's second-largest drink-carton maker, may consider a A$8 billion listing or trade sale this year.
A spokesperson for Rank said yesterday that the company would make no comment on the speculation.
Hart used his company Beverage Packaging Holdings to acquire Reynolds Consumer Producers last year and also bought bottle-cap maker Closure Systems International.
Beverage Packaging Holdings comprises packaging assets put together by Rank after buying Carter Holt Harvey.
Apart from Reynolds and Closure Systems, Beverage Packaging's major unit is SIG, a manufacturer of carton packaging for beverages.
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Share float rumours surround Rank Group
Graeme Hart. Photo / Dean Purcell
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