Orora flags earnings pain at its big French acquisition Saverglass

Source: afr.com afr.com

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Shares fell in early trade on Tuesday, down 13.6 per cent, or 37¢, to $2.35. The company has lost more than a quarter of its value in the past 12 months, and now has a market capitalisation of around $3.2 billion. Orora shares were at $3.45 on August 17, before The Australian Financial Review’s Street Talk column revealed the company was readying for a $1 billion-plus capital raising. The Saverglass deal was funded in part by a $1.35 billion raising at $2.70 a share. Demand ‘tailwinds’ When it announced plans to acquire Saverglass, Orora said there were “strong underlying tailwinds...