Rexam, the UK-based global consumer packaging company, hasconfirmed the completion of the acquisition of the German glasscontainer manufacturer Lüner Glashüttenwerke earlier this week.

The acquisition was announced in January 2003 and the company received final regulatory approvalon 10 February 2003.

The consideration is £33 million (€49.1m), comprising £3.5 million in cash payable for theshares and £29.5 million of estimated debt and financial liabilities assumedwith the company.

Rexam, which has been an acquisitive player in the European glass bottle industry over the past year, is looking to consolidate its position in the still fragmented German market segment. At the end of last year, Rexam made an agreement to buy another glass container manufacturer, Nienburger Glas. The two recent purchases mean that Rexam now has a more than 25 per cent share of the German glass container market.

Industry analysts believe that Rexam still has about £50 million still left to spend, after a strong financial performance over the past couple of years.