New Zealand’s richest man currently has a $2.9bn offer on the table for SIG, after upping his stake in the company, which will provide synergies with the businesses acquired from International Paper last year.

Hart it seems is determined to get SIG, raising his offer to force out a rival bid from a Norwegian company. If successful Hart will be firmly in control of a global packaging empire, as he already owns Carter Holt Harvey, and late last year bought a paper mill in the US, as well as international beverage packaging plants from International Paper.

Analysts are not ruling out Hart as a potential bidder for Amcor eventually but they believe New Zealand's richest man is unlikely to move on it while the rumours linger and because of his focus on the SIG deal.

With access to an estimated $10bn in funds Hart certainly has the means to step in for Amcor – if private equity doesn’t get there first. Hart may be interested in buying just parts of the Amcor business.

Comment below to have your say on this story.

If you have a news story or tip-off, get in touch at editorial@sprinter.com.au.  

Sign up to the Sprinter newsletter