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Rexam receives regulatory approval to sell personal care business for $459m

Global consumer packaging group Rexam has received approval from the Chinese authorities and hopes to complete the sale of its Cosmetics, Toiletries and Household care products business for $459m to Sun European Partners’ affiliate.

According to Rexam, the sale, together with the sale of the High Barrier Food business announced on 31 August 2012, finalizes the disposal of its Personal Care business for a total of $709m (£439m).

The company sold its High Barrier food container business to a subsidiary of Silgan Holdings for $250m.

Rexam announced its proposal to return around £370m to shareholders on 3 July 2012, following completion of the sale of Personal Care business.