Allianz Capital Partners, the private equity firm, and E.On, the German utility group, have made €900m ($885m) from their joint majority stake in Schmalbach-Lubeca, the German packaging firm, after selling two of its businesses in July and agreeing to sell the remainder.

Allianz Capital Partners will receive around €600m, giving it a capital gain of €350m, a healthy return on the €250m it put into the company in August 2000. E.On profits to the tune of €550m.