Silgan Holdings Inc , which makes cans for Campbell's Soup and Del Monte Fruits, said it would buy smaller rival Graham Packaging for about $1.3 billion in cash and stock, as it looks to bolster its plastic packaging business. The deal, valued at $4.1 billion including debt, comes at a time when rising metals prices are making plastic the packaging material of choice, fast replacing tin and aluminum. Shares of both companies hit life highs in heavy trading on Wednesday, with Silgan up 12 percent to $41.23 on Nasdaq and Graham up 25 percent to $20.97 on the New York Stock Exchange. The deal comes days after private equity firm Blackstone , which holds a 61 percent stake in Graham, received European Union approval to buy Spanish food can maker Mivisa from CVC .
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