Owens Illinois has delayed the sale of its $1bn Australian and New Zealand business.
Final bids were due February 19 but that date has now been pushed back until the first half of next week.
It comes as Pacific Equity Partners is said to be competing to buy the glass bottling division with Blackstone and potentially Visy, based from Melbourne.
PEP apparently approached O-I about a year ago offering to buy the business before a sales process was launched by Goldman Sachs.
Blackstone is advised by Macquarie Capital and PEP Credit Suisse.
O-I, as it is more widely known, is believed to be eager to divest the Australian and New Zealand operations as it wrestles with challenges closer to home, where it remains eager to redeploy the proceeds from a sale.
Across Australia and New Zealand, O-I generates $140m of annual earnings before interest, tax, depreciation and amortisation and $750m revenue.
Rival Orora controls 70 per cent of the wine bottle manufacturing market.
In Australia, O-I has about 90 per cent of the beer bottle manufacturing market.
Since the business has been put up for sale, the company has promoted the merits of selling the land of the manufacturing plants to real estate groups and then leasing back the sites, including a larger riverfront site in Brisbane.
The pitch has been that a buyer could sell off the Brisbane land for a good price and relocate its operations closer to its brewery customers in the Queensland capital.
KKR embarked on a similar move with its acquisition of Arnott’s Biscuits.
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