UPDATE 2-Ball, Rexam to sell some can plants to get antitrust nod for merger

(Adds Ardagh statement, details, share movement)
April 25 (Reuters) - Beverage can makers Ball Corp (NYSE:BLL) BLL.N
and Rexam Plc REX.L will sell some of their assets to European
packaging maker Ardagh Group ARDGR.UL in a deal worth $3.42
billion, as they seek antitrust clearance for their planned
merger.
The deal would include the sale of about a fifth of the
companies' combined can making or producing plants across
Europe, Brazil and the United States, Ball said in a statement
on Monday.
The companies will also sell certain innovation and support
functions in these regions, Ball said, which would put it on
track to close the Rexam deal by the end of June.
Ball agreed to buy British rival Rexam for 4.43 billion
pounds ($6.35 billion) last year to improve efficiency and cut
costs through a merger of the world's two largest beverage can
makers by volume, which supply Coca-Cola Co KO.N and
Anheuser-Busch InBev ABI.BR .
However, the deal earlier ran foul with European antitrust
regulators as it would give the enlarged entity considerable
market share in Europe, the United States and Brazil.
The two companies account for 60 percent of beverage can
supply in North America, 69 percent in Europe and 74 percent in
Brazil, according to Morningstar analysts.
The European Commission cleared the deal in January, subject
to the divestment of 12 plants.
The divestment to Ardagh includes 12 plants in Europe, eight
in the United States and two in Brazil. After the deal closes,
Ball will have 75 metal can manufacturing facilities and joint
ventures.
The assets being sold accounted for $3 billion of sales and
around $375 million of core earnings in 2015, Ball said.
Reuters reported in March that Ardagh, the packaging
conglomerate controlled by Irish billionaire Paul Coulson, was
preparing an offer.
Ardagh said separately that the deal would make it the third
largest beverage can maker globally, giving it access to a
market that complements its core glass and metal container
supply business.
Luxemburg-based Ardagh will pay $3.21 billion in cash under
the deal that includes assumed liabilities of $210 million.
The firm launched a bond offering of $2.85 billion to partly
fund the acquisition, which is its most significant since it
bought the U.S. jar unit of France's Saint-Gobain SGOB.PA in
2013.
Ardagh said after the deal it would operate 110 facilities
and have global sales of over $8.8 billion.
Rexam shares were up 0.5 percent at 639 pence at 0900 GMT.
($1 = 0.6926 pounds)