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Report: Cerberus in discussions to acquire Rank Group's packaging business

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Report: Cerberus in discussions to acquire Rank Group's packaging business

Cerberus Capital Management LP is in discussions to acquire packaging firm Closure Systems International Inc., which could be valued at up to $1 billion, Bloomberg News reported, citing people with knowledge of the matter.

The Memphis, Tenn.-based plastic and aluminum bottle top manufacturer is being sold by manufacturing conglomerate Rank Group Ltd.

Rank has not yet made a final decision on the potential deal and could still choose to sell it to another suitor or keep the business, the sources said.

A Cerberus representative did not comment on the matter, while representatives for Rank and Closure Systems International did not answer requests for comment sent by Bloomberg.