Reuters: Private Equity: CORRECTED-Australia's Pact Group considering stake sale-sources

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CORRECTED-Australia's Pact Group considering stake sale-sources May 25th 2012, 07:07 Fri May 25, 2012 3:07am EDT (Corrects to say Pact is controlled by Raphael Geminder, not Pratt family) HONG KONG/SYDNEY May 25 (Reuters) - Privately-held packaging company Pact Group has hired Deutsche Bank to examine options including the sale of a stake in a deal likely to attract private equity and rival international firms, two sources familiar with the situation said. Pact, which has annual turnover of around A$1.2 billion ($1.17 billion), considered an initial public offering in 2010 that was valued at around A$1 billion, but decided against that option, according to media reports. One of the sources told Reuters that Pact's owner wanted to retain control of the business and was considering selling a stake of 20 percent to 30 percent. Pact is controlled by Raphael Geminder, son-in-law of the late billionaire Richard Pratt. Richard Pratt's privately owned Visy Industries packaging empire helped him to become the country's fourth-richest person in 2008, the year before he died, with a fortune of A$5.5 billion. The second source said the family was interested in attracting an overseas investor to expand the business. The people spoke on condition of anonymity because the matter is confidential. Pact manufactures a range of plastic packaging including food containers, bottles, trays and pails. It owns brands including VIP Packaging, Plaspak and Salient Asia Pacific. A spokeswoman for Pact said the company's policy is not to comment on any speculation. Deutsche Bank declined to comment. (Reporting by Stephen Aldred and Narayanan Somasundaram; Additional reporting by Victoria Thieberger; Editing by Kim Coghill) Link this Share this Digg this Email Reprints

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