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Ardagh metal packaging business files for IPO, seeks to raise 2 bln euros

Reuters - UK Focus

DUBLIN, June 23 (Reuters) - Packaging company Ardagh has filed to list its metal can packaging business on the New York Stock Exchange, the company said in a statement on Tuesday, targeting an overall windfall of 2 billion euros ($2.2 billion).

Ardagh said the canning business would be separated off into a new wholly owned subsidiary called Oressa Limited.

The firm said no price range had been set and no decision taken on the number of shares to be listed, but that through combined equity and debt issuance by Oressa it was hoping to raise 2 billion euros.

The public listing, which had been expected, would help the company pay down some of the debt it accumulated over the last decade when it used billions of dollars of high-yield bonds to finance a slew of acquisitions.

Citigroup (NYSE: C - news) would act as lead book-running manager for the proposed offering, the Ardagh statement said. ($1 = 0.8957 euros) (Reporting by William James; Editing by Hugh Lawson)