Westpac accelerates Bemis acquisition

Company News

by Katrina Bullock

Banking major, Westpac Banking Corporation (ASX:WBC) has accelerated its completion date for the self-funding installments over securities in Amcor to 1 May 2019.

Amcor (ASX:AMC) and Bemis Company have previously announced that their respective boards of directors unanimously approve an agreement under which Amcor will acquire Bemis.

The Australian Securities and Investment Commission has registered a scheme booklet in relation to a scheme of arrangement in which a new holding company, Amcor plc, will acquire all of the shares in Amcor and subsequently acquire Bemis in an all-stock combination by way of a merger of Bemis into a subsidiary of Amcor plc.

Amcor shares are expected to be suspended from trading from the close of trade on 8 May 2019 if the scheme is approved.

Shares in Westpac Banking Corporation (ASX:WBC) closed 1.27 per cent lower at $25.57 yesterday.

Katrina Bullock

Finance News Network
Katrina joined FNN in 2018. She holds a Bachelor of Laws (Honours first class), a Bachelor of Business (Distinction) and is currently undertaking a PhD in Law focused on stock exchange disclosures and corporate governance. She previously worked as a corporate lawyer in an Australian top tier commercial law firm and is currently the General Counsel for Greenpeace Australia Pacific.