Ardagh has progressed its negotiations with the FTC on a potential settlement of the Commission's challenge to the acquisition of Verallia North America (VNA).
In connection with such negotiations, Ardagh will amend the package of plants it is currently selling. Any such sale will need to be approved by the FTC prior to any settlement being finalized.
To enable Ardagh and the FTC to devote the maximum resources to the settlement process, Ardagh has agreed not to close its acquisition of VNA until either the Commission has approved a settlement or a decision on the merits is reached in the administrative litigation.
As a result of this agreement, the lawsuit filed by the FTC in federal district court has been stayed, and the preliminary injunction hearing has been cancelled. The parallel administrative proceeding has not been stayed, and the trial in that matter is scheduled to start on December 19, 2013.
Ardagh plans to conclude the settlement process with the FTC and close the acquisition of VNA before mid-January 2014.