Russian authorities block Rexam's take-over of Rostar

Global packaging giant Rexam said its proposed purchase of Russian beverage can maker Rostar has been blocked by the Russian Federal Antimonopoly Service (FAS). "Rexam is currently reviewing the consequences of this decision with its advisors and plans to explore opportunities for further dialogue with the FAS about this matter, including re-filing of the application," the company said. It said it believes that the acquisition would give the company less than 15% of the Russian beverage packaging market. The proposed $297m deal was announced in July of this year. Rostar is currently owned by EN+, the investment vehicle of Russian oligarch Oleg Deripaska, the man behind the country's giant UC RUSAL aluminium producer.