Silgan dips out of Graham deal

US-based canmaker Silgan has declined to up its offer to buy Graham Packaging, leaving the way clear for New Zealand’s Reynolds Group to consummate its own deal.

In April, Silgan, a leading manufacturer of food cans in the US and metal and plastics closures worldwide, had offered US$1.4 billion in a cash and shares deal that valued the York, Pennsylvania, plastics packaging specialist at $4.1 billion.