Reynolds Closes Pactiv Acquisition

Maker of aluminum foil and other packaging products said it has completed its acquisition of rival Pactiv Corp., paying shareholders $4.6 billion.

LAKE FOREST, Ill. (AP) -- Reynolds Group Holdings Ltd., maker of aluminum foil and other packaging products, announced Tuesday that it has completed its acquisition of rival Pactiv Corp., paying shareholders $4.6 billion.

Reynolds Group, which is based in New Zealand, paid $33.25 per share, exactly what it expected to pay when it first announced plans to acquire the Lake Forest, Ill., company in August.

Reynolds' acquisition of Pactiv was funded by its sale of $3 billion in notes and $2.02 billion in incremental term loans.

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