Gerresheimer CEO Uwe Roehrhoff told German newspaper Handelsblatt that the business does not fit the company’s acquisition criteria.
Rexam is reportedly looking to sell the unit, which makes drug delivery systems, containers & closures and prescription retail packaging, for between £550m and £650m.
Private equity firms Bain Capital and KKR, private equity-backed Berry Plastics and industry peer Silgan Holding are understood to be interested in the company.
Last year Rexam Sun Capital bought Rexam’s personal and household care packaging business for $459m, while Silgan agreed a $250m deal to buy Rexam’s high-barrier food packaging arm.
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