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 is a respected TV journalist, as well as a renowned presenter and award winning lawyer. She holds a Bachelor of Laws (Honours 1st class, division 1), a Bachelor of Business (with Distinction) and is currently undertaking a PhD in Law focused on stock exchange disclosures and corporate governance. She began her career as a corporate lawyer in an Australian top tier commercial law firm and is currently the General Counsel of Greenpeace Australia Pacific. In 2020 Katrina was named one of the 30 best lawyers in Australia under 30 by Lawyer's Weekly.