Exclusive-US packaging firm Silgan signals interest for Germany’s Gerresheimer, sources say

MUNICH, March 20 (Reuters) – U.S. packaging company Silgan Holdings has signalled interest in taking over German medical packaging maker ​Gerresheimer , according to two sources familiar ‌with the matter.

Silgan is working with advisers on the approach that could value Gerresheimer at 41 euros per share, one source said, cautioning that ‌there ​is no certainty there ⁠will be a ⁠bid and that a transaction will be completed.

Gerresheimer declined to comment.

Silgan was not immediately available for comment.

Gerresheimer shares rose 6.7% following ​the news to trade at 18.9 euros.

Gerresheimer, worth about 600 million euros ($694 ⁠million), has seen its ⁠shares drop more than 80% from ​its 2023 peak and the stock is ​down 37% since the start of the ‌year.

The company said in late February that Germany’s financial regulator BaFin is widening a probe into its financial statements, adding pressure ⁠on the medical products maker as it grapples with accounting issues and a plunging share price.

The ⁠Duesseldorf-based company ‌held talks last year with ⁠private equity investors over a ​potential ‌sale, but the conversations ended ​without an ⁠agreement.

($1 = 0.8644 euros)

(Reporting by Alexander Huebner in Munich, Christoph Steitz in Frankfurt; Additional reporting by Milana Vinn in New York; writting by Andres Gonzalez; Editing by Miranda Murray and ​Louise Heavens)