O-I Glass said to be among Italian probe of glassmakers, says BofA

BofA notes that several media outlets, including the Financial Times, reported that the Italian Competition Authority has launched an antitrust investigation into local glass producers including O-I Glass (OI), Verallia (VRLAF), Berlin Packaging, Vetropack, Zignago Vetro, and Bormioli Luigi. While Verallia has released a statement that stated that the company “denies any inappropriate behavior and is confident that it will clarify the legitimacy of its position in relation to this investigation,” O-I has not published a statement regarding this matter, says the analyst, who “will continue to monitor any developments.” Case studies suggest a “manageable headwind,” but a “headwind nonetheless,” added the firm, which maintains a Buy rating on O-I Glass based on valuation.