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3M Food Safety
The company said it was cooperating with the US Department of Justice’s “second request” in the wake of Rio Tinto’s July announcement that it would sell Alcan to Bemis for $1.2 billion.
The move by the DOJ could signal that Bemis may be obliged to divest some of its operations in order to gain approval to buy Alcan, said one analyst.
In a note to investors, Ghansham Panjabi of Robert W. Baird said: "We believe that the area of particular interest relates to Bemis likely dominating the market for packaged meats and cheeses.”
Bemis said it expected to complete the takeover by the end of 2009. If the deal goes through, Bemis would leapfrog rival Sealed Air as North America’s major flexible packaging firm.