Irish-owned packaging giant Ardagh is likely to press ahead with a €2 billion flotation of its metals business on the New York Stock Exchange after private-equity bids for it failed to match expectations, according to reports yesterday.

In June the group said that its metals division, Oressa, had filed documents with US financial regulator, the Securities and Exchange Commission (SEC), indicating an intention to offer its shares for sale on the New York market.

Since then, a number of private equity players, including BC Partners, Carlyle Group and Onex, are said to have expressed interest in buying the business, but their offers failed to meet Ardagh’s threshold because the company has a €300 million pension deficit.

Original plan

This means that it is likely to return to its original plan for an initial public offering of Oressa’s shares in New York by the end of the year, a move that is thought likely to raise about €2 billion.

The group, controlled by Irish businessman Paul Coulson and which has its roots in the old Irish Glass Bottle Company, produces tins and bottles for companies such as John West, Heineken and AB Inbev, owner of Budweiser.

Oressa, the subsidiary created to take over its metal can business, is said to have generated earnings of about €300 million last year.

The division supplies tins to the food and consumers products industry. It has 54 factories in 20 countries, serves 1,300 customers and employs 7,300 people.

Ardagh has been mulling a flotation since April.