The UK’s Competition and Markets Authority (CMA) announced Thursday that it has closed its investigation into Sonoco Products Co.’s $3.9 billion acquisition of Eviosys, a Switzerland-based food can manufacturer. The CMA’s decision not to escalate the probe to a second phase allows the transaction to proceed without further regulatory challenges.
CMA Clears the Acquisition
The CMA spent seven weeks reviewing the acquisition to assess its potential impact on competition in the UK packaging market. Ultimately, it found no basis to advance the investigation.
“The CMA has decided, on the information currently available to it, not to refer the above merger to a phase two investigation,” the regulator said. While the CMA has not yet disclosed full details of its findings, the clearance marks a significant milestone for Sonoco’s strategic expansion.
Expanding Sonoco’s Global Reach
Sonoco, known for its sustainable packaging solutions and iconic Pringles cans, is one of the largest global players in consumer and industrial packaging, with net sales of approximately $6.8 billion in 2023. The acquisition of Eviosys strengthens its foothold in the European, Middle Eastern, and African markets.
