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PKS and Ball Corp. halt purchase talks.

PKS and Ball Corp. halt purchase talks

Ball Corp. and Peter Kiewit Sons', Inc. (PKS), announced that PKS has terminated the agreement for the purchase by Ball of Continental Can Europe (CCE), a subsidiary of PKS.

In a joint statement, the parties said, "On a financial and operating basis, both Ball and CCE have been performing at record levels in 1990. Unfortunately, due in major part to the recent turmoil in world financial markets, and in particular the U.S. banking community, Ball has not yet arranged financing, and the certainty of closing the transaction on the agreed upon terms and time frame have become compromised."

Richard Ringoen, Ball's chairman and chief executive officer, said the planned acquisition of the remaining interest in its 50-percent-owned Ball-InCon Glass Packaging Corp. joint venture will not be affected and should be completed by the end of the year.
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Title Annotation:Peter Kiewit Sons' Inc.
Publication:Modern Brewery Age
Date:Nov 5, 1990
Words:145
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