BROOMFIELD, Colo. (AP) – Ball is buying metal beverage can maker Rexam in a cash-and-stock deal valued at about $6.64 billion in order to stay competitive against other packaging companies.

Rexam PLC shareholders will receive 407 British pounds (US$628.56) in cash and 0.04568 new Ball shares for each share they own. The transaction values Rexam at 610 British pounds (US$942.36) per share. The companies put the deal’s total value at $8.4 billion, including the assumption of debt.

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Rexam stockholders will own about 19 percent of Ball’s outstanding shares once the deal closes.

The combined company will have 2014 revenue of about $15 billion and approximately 22,500 workers on five continents. It will be based in the U.S.

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Ball Corp., which is based in Broomfield, Colorado, and London-based Rexam project $300 million in savings by 2018.

The companies said Thursday that they expect to receive the necessary clearances for the deal in the first half of 2016. The deal still needs approval from both companies’ shareholders.

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