dct,I do understand where you are coming from, however;1. This...

dct,

I do understand where you are coming from, however;

1. This is about the 5th time Ruffy has talked about IPO of PACT.

2. The only reason to backdoor is to save on costs. Witha $1b IPO saving on costs is not going to be the driver

3. There are no real insto's in PPG and PACT is better off tendering for new subscribers


Having said that, there is no reason why PPG couldnt be swept up into the PACT IPO.

As I understand Ruffy's play in PPG was to drop a toe in the water to understand what his reoprting requirements would be and how his control can be affected.

PPG is a grab bag of packaging assets that is suplementary to PACT's core businesses of Rigid PLastic and thin walled plastic packaging.