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Report of talks with rival sends O-I shares soaring

Post Time:Sep 29,2008Classify:Company NewsView:443

Shares of Owens-Illinois Inc., of suburban Toledo, jumped 19 percent yesterday after a Wall Street analyst said the Perrysburg company is “in talks” with Europe’s No. 2 glass container maker.

The stock rose $4.94 to $30.77 in heavy trading on the New York Stock Exchange. The gains were posted after Timothy Thein, an analyst with Citi Investment Research, wrote in a note to clients that talks with Adragh Glass, of Ireland, are “well advanced.”

The analyst said further consolidation in the global glass container business would be a “positive” for O-I, which is a leading supplier of bottles to breweries, wineries, and distilleries worldwide.

Source: toledoblade.comAuthor: shangyi

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