Drinks can maker Rexam said it is backing a £4.4 billion sweetened takeover offer from Colorado-based rival Ball.
Rexam, whose customers include Coca-Cola and PepsiCo, is the leading drinks can maker in Europe and employs around 8,000 people in 55 plants across 20 countries. In the UK it employs around 700 workers and has plants in Luton, Milton Keynes and Wakefield.
It revealed earlier this month that it was in talks with Ball in a cash and shares deal valuing it at £4.3 billion.
The merger will make the combined group the leading global drinks manufacturer, with a presence in the US, Latin America, Europe, Asia and the Middle East.
Both firms said a combination of the two firms would boost their global footprint, as well as aid product innovation.
The deal is expected to complete in the second half of next year, subject to regulatory approval.
Ball said it will be able to make around 300 million US dollars (£194 million) of annual operational savings from the third year after the deal has been sealed.
But Ball said it has made no plans on plant closures or job losses, although the Rexam board will leave the enlarged company on completion of the takeover.
Rexam also posted its full year results today which saw its underlying pre-tax profits fall 3% to £360 million, due to high metal premiums, price pressures and a strong pound.
Rexam chief executive Graham Chipchase said: "We expect 2015 to present a tough trading environment with headwinds from metal premium, foreign exchange volatility and pricing pressure."
Ball also makes food and aerosol cans and owns Ball Aerospace & Technologies, which builds satellites and spacecraft for government and commercial customers.
In the year to the end of December Ball posted £5.6 billion of sales on earnings of £500 million
Ball employs more than 14,500 staff across the world, including at UK plants in Deeside, Devizes, Rugby and Wrexham.
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