Amcor to acquire Bemis Co | Finance News Network

Amcor to acquire Bemis Co

Company News

by Anna Napoli

Amcor (ASX:AMC) has announced it will acquire US competitor Bemis Co in an all-stock combination valued at US$6.8 billion.

Amcor will pay 5.1 shares for each Bemis share, resulting in Amcor and Bemis shareholders owning about 71 and 29 per cent of the combined company respectively.

The companies respective Boards have unanimously approved a definitive agreement.

Amcor says combining the two complementary companies will create a global leader in consumer packaging.

The combination will be effected through a merger of Amcor and Bemis into a newly created holding company incorporated in Jersey with listings on both the New York Stock Exchange and the ASX.

The full market capital of the combined company is estimated at US $17 billion.

 Shares in Amcor (ASX:AMC) are trading are trading 3.80 per cent lower to $14.70.

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.