The board of Jacksonville, Fla.,-based Brockway Inc....

The board of Jacksonville, Fla.,-based Brockway Inc. said it approved a $744-million buyout by Owens-Illinois in a move that would firmly establish Owens-Illinois as a leader of the glass container industry. Owens-Illinois has agreed to pay $60 cash a share for Brockway’s 12.4 million common shares outstanding. The deal also is subject to approval by federal regulators.