The European Commission has approved M&G Investment Management and Arini Capital Management taking joint control of Italian cardboard maker Reno de Medici, currently controlled by Apollo Management. The deal was cleared under the simplified merger review procedure after regulators found no overlap in the companies' markets.
Why this mattersOwnership of a listed European recycled-cardboard producer moves from a private-equity sponsor to asset managers, a shift readers tracking consolidation in fibre packaging should note.
- European Commission approved the deal on 25 September 2026 under case number M.12612.
- M&G Investment Management and Arini Capital Management, both UK-based, will take joint control of Reno de Medici.
- Reno de Medici is currently controlled by US firm Apollo Management.
- The transaction was cleared under the EU's simplified merger review procedure.
- The Commission found the companies are not active in the same or vertically related markets.
- No deal value was disclosed in the Commission statement.
M&G Investment Management and Arini Capital Management intend to acquire joint control of Italian cartonboard producer Reno de Medici (RDM), currently controlled by Apollo Management, as part of RDM's ongoing financial restructuring. The deal was notified to the European Commission for merger clearance in early September 2026 and published in the EU Official Journal on 10 September, with the Commission flagging it as a candidate for the simplified procedure.
Why this mattersA change of control at a core European cartonboard producer signals how creditors and funds are reshaping ownership of debt-laden packaging assets through restructuring.
- M&G Investment Management and Arini Capital Management intend to take joint control of Reno de Medici (RDM)
- RDM is currently controlled by Apollo Management
- The transaction is part of RDM's ongoing financial restructuring
- The deal was notified to the European Commission in early September 2026
- The notification was published in the EU Official Journal on 10 September 2026
- The Commission has flagged the deal as a candidate for the simplified merger review procedure
A Luxembourg district court summary judge has issued an order prohibiting Ardagh Holdings S.A. from proceeding with the sale of all or part of its interests in Ardagh Metal Packaging S.A. The order followed an ex parte application by minority holders of ARD Finance S.A.'s senior secured toggle notes due 2027. Ardagh Holdings says the application is without merit and has applied to have the order withdrawn.
Why this mattersThe injunction halts a planned sale of Ardagh's listed can-making arm, leaving bondholder claims to determine whether the transaction can proceed.
- A summary judge of the district court of Luxembourg ordered Ardagh Holdings S.A. not to proceed for now with the sale of all or part of its interests in Ardagh Metal Packaging S.A.
- The order followed a unilateral (ex parte) application by certain minority holders of the senior secured toggle notes due 2027 issued by ARD Finance S.A.
- ARD Finance S.A. was a parent of Ardagh Group S.A. before the recapitalisation completed in November 2025.
- The order was made without Ardagh Holdings having had the opportunity to present its position.
- Ardagh Holdings says the application is without merit and has applied for the order to be withdrawn, in a statement issued on 16 September 2026.
- Ardagh Metal Packaging had sales of USD 5.5bn in 2025 and runs 23 production facilities in nine countries with about 6,500 employees.
- Ardagh Holdings had earlier in 2026 announced preparations to acquire all shares in Ardagh Metal Packaging to facilitate a sale to a third-party buyer
- Ardagh Group as a whole operates 58 metal and glass plants in 16 countries with about 20,000 employees and estimated 2025 sales of USD 9.6 billion
- The order followed an ex parte application by minority holders of ARD Finance's 2027 senior secured toggle notes
- Ardagh Holdings' board had instructed advisers in August 2026 to prepare for a possible sale of all or part of Ardagh Metal Packaging
- Ardagh Metal Packaging reported Q2 2026 revenue of USD 1.71bn, up 17.7 percent year on year
- EPS of USD 0.11 beat consensus of USD 0.09 and the year-earlier USD 0.08
- Ardagh Metal Packaging paid a quarterly dividend of USD 0.10 per share on 24 September 2026
