Ardagh Holdings, the controlling shareholder of Ardagh Metal Packaging (AMP), has instructed advisers to prepare for a potential sale of the beverage can maker.

It has filed an amendment to its Schedule 13D statement with the US Securities and Exchange Commission (SEC), setting out plans to explore a possible sale of the business.

Under the proposed process, Ardagh Holdings could sell some or all of its indirectly held equity interests in AMP to a third-party buyer. A potential transaction could also see Ardagh Holdings acquire the ordinary shares in AMP that it does not currently own, to facilitate the sale of the entire company to a third party.

However, no deadline or definitive timetable has been set for the potential sale process. Any further steps, including the terms and timing of a transaction and the selection of a buyer, would require approval from the Ardagh Holdings board. The company also cautioned that there was no assurance the process would result in a transaction.

AMP separately outlined the potential cost implications of becoming a standalone business following a sale. The company and its subsidiaries currently receive administrative and other support services from Ardagh Group, covering core corporate functions, shared services and some group-wide purchasing arrangements.

If a sale is completed, AMP expects this services agreement to be terminated in whole or in part. It estimates that replacing the services on a standalone basis would result in approximately $30 million in additional annual costs. AMP recorded revenue of $5.5 billion in 2025. The Luxembourg-based beverage can maker operates 23 plants in nine countries, employing around 6,500 people.

Ardagh Holdings said it did not intend to comment further unless its board approves a specific course of action or determines that further disclosure is appropriate.

Evercore International Partners has been appointed as financial adviser to Ardagh Holdings, with Kirkland & Ellis International acting as lead legal adviser.