Illinois Tool Works Inc is nearing a deal to sell its industrial packaging unit for more than $3 billion, with takeover firms Carlyle Group LP and Onex Corp competing in the final stretch of the auction, people familiar with the matter said. The company narrowed the list of possible buyers to Carlyle and the consortium of Onex Corp and Canada Pension Plan Investment Board (CPPIB) after reviewing final offers submitted on Monday, and could strike a deal as soon as this week, the people said on Thursday.Carlyle, which has a long track record of successfully carving out units from companies, is seen as the leading candidate to clinch the deal, according to one of the people. It could not be learned, however, if Illinois Tool Works has granted exclusivity to either bidder.All the sources asked not to be identified because the matter is not public. Carlyle failed to comment while representatives for Illinois Tool Works, Onex and CPPIB did not immediately respond to requests for comment.Illinois Tool Works announced in September it was initiating a process to sell the industrial packaging unit, as the conglomerate continues to streamline its diversified business lines.
Shares of CG traded higher by 2.83% or $0.9175/share to $33.35. In the past year, the shares have traded as low as $23.85 and as high as $38.13. On average, 422823 shares of CG exchange hands on a given day and today's volume is recorded at 217924.
Illinois Tool Works Inc. is a multinational manufacturer of a diversified range of industrial products and equipment with operations in 58 countries. Shares of ITW traded higher by 0.79% or $0.61/share to $78.20. In the past year, the shares have traded as low as $59.71 and as high as $84.32. On average, 1927440 shares of ITW exchange hands on a given day and today's volume is recorded at 662496.
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