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. Last Updated: 07/27/2016

Antitrust Body Blocks Rexam Buy

Rexam's $297 million purchase of Rostar was blocked by the Federal Anti-Monopoly Service because it said the combination would distort competition in the beverage can industry, the London-based company said Monday.

Rexam, the world's biggest maker of cans, "plans to explore opportunities for further dialogue" with the service, the company said.

"This is not particularly good news," said Kevin Lapwood, an analyst at Seymour Pierce in London. "This was the major sensible Russian acquisition. There isn't much else they could buy in this market."

Rexam is seeking new markets as U.S. growth in can consumption stagnates. The proposed acquisition of Rostar, owned by Oleg Deripaska, would have given Rexam more than 96 percent of Russia's can-making market, Alexei Ulyanov, head of industrial control at the anti-monopoly service, said Monday.