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LONDON, May 13 (Reuters) - Rexam, the world's second largest beverage can maker in terms of revenue, is to return 450 million pounds ($759.21 million) of cash to shareholders, it said on Tuesday.
The move follows completion of the sale of the pharmaceutical devices and prescription retail packaging divisions of its healthcare packaging business, announced May 6.
Rexam said the return, equating to 57 pence a share, will be implemented by way of a "B/C share scheme", intended to provide shareholders with a choice to receive the cash either as capital or as income, or as a combination of the two.
The firm also plans an eight for nine share consolidation.
The cash return is subject to shareholder approval at a May 29 meeting.
$1 = 0.5927 British Pounds Reporting by James Davey; Editing by Neil Maidment