FORM 4
[ X ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public
Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

Walters Edward T. 		2. Issuer Name and Ticker or Trading Symbol

PACTIV CORP [ PTV ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director                      _____ 10% Owner
__ X __ Officer (give title below)      _____ Other (specify below)
Senior VP & CFO
(Last)          (First)          (Middle)

1900 WEST FIELD COURT 		3. Date of Earliest Transaction (MM/DD/YYYY)

11/16/2010
(Street)

LAKE FOREST, IL 60045
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

_ X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 		2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8) 		4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4) 		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock   11/16/2010     M    122060.0000   A $33.2500   173647.0000   D    
Common Stock   11/16/2010     D (1)    51587.0000   D $33.2500   (2) 122060.0000   D    
Common Stock   11/16/2010     D (1)    122060.0000   D $33.2500   (2) 0.0000   D    
Common Stock   11/16/2010     D (1)    8824.0000   D $33.2500   (2) 0.0000   I   By 401k  
Common Stock   11/16/2010     D (1)    2118.0000   D $33.2500   (2) 0.0000   I   By DRSP  

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8) 		5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4) 		8. Price of Derivative Security
(Instr. 5) 		9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Employee Stock Option   $23.9800   11/16/2010     D         32200.0000    9/14/2004   (3) 9/14/2014   Common Stock   32200.0000   $33.2500   (2) 0.0000   D    
Employee Stock Option   $20.2500   11/16/2010     D         35000.0000    9/17/2003   (3) 9/17/2013   Common Stock   35000.0000   $33.2500   (2) 0.0000   D    
Performance Share Units     (4) 11/16/2010     A      122060.0000       11/16/2010     (5) Common Stock   122060.0000   $33.2500   122060.0000   D    
Performance Share Units     (4) 11/16/2010     D         122060.0000    11/16/2010     (5) Common Stock   122060.0000   $33.2500   0.0000   D    
Stock Equivalent Units   $0.0000   (6) 11/16/2010     D         38490.0700      (6)   (6) Common Stock   38490.0700   $33.2500   (6) 0.0000   D    

Explanation of Responses:
( 1)  Disposed of pursuant to the merger (the "Merger") of the issuer with Reynolds Acquisition Corporation ("Reynolds Acquisition") in accordance with the Agreement and Plan of Merger dated August 16, 2010, among issuer, Rank Group Limited, Reynolds Group Holdings Limited, and Reynolds Acquisition (the "Agreement").
( 2)  Represents per share merger consideration under the Agreement.
( 3)  Each stock option of the issuer became exercisable in full upon consummation of the Merger and was cancelled in the Merger in exchange for a cash payment per share equal to the difference between the exercise price of the option and $33.25. Options with an exercise price of $33.25 or more were cancelled in the Merger and are not shown on Table II of this Report.
( 4)  The performance share units convert into common stock on a one-for-one basis.
( 5)  Not applicable.
( 6)  Stock Equiv. Units (?SEUs?) acquired and held pursuant to the Pactiv Corp. Deferred Comp Plan are payable in cash or stock upon the holder's death, termination of employment or service as a director, or at the time specified in the holder's Deferral Election and convert into common stock on a one-for-one basis. Disposition of SEUs pursuant to the Merger in accordance with the Agreement was made in a lump sum cash payment in accordance with the terms and conditions set forth in the Deferred Comp Plan.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
Walters Edward T.
1900 WEST FIELD COURT
LAKE FOREST, IL 60045

Senior VP & CFO

Signatures
Erick R. Opsahl, Attorney In Fact 11/18/2010
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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