Pactiv Corp. Soars On More Buyout Talks (PTV, AA)

Shares of Pactiv Corp. PTV are soaring once again amid more reports that several companies are looking to buy the maker of Hefty trash bags. Shares of Pactiv are up $1.78, or 6.3 percent, to $29.68 on the day. Three potential bidders, Apollo Global Management, Pacific Corp., and Rank Group, have been named in buyout talks with Pactiv. Rank Group is based in New Zealand and bought the packaging and consumer businesses from Alcoa AA in 2008. The Wall Street Journal said analysts expect a deal to be worth more than $4 billion if it closes. Pactiv makes foodservice, food packaging, disposable tableware and cookware in addition to the Hefty line of products.