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Packaging group Amcor aims to wrap up rival Bemis for USD5.25 billion

August 08/2018

MOSCOW (MRC) -- The worlds biggest listed packaging company, Amcor Ltd, swooped on U.S. rival Bemis Company Inc (BMS.N) in a USD5.25 billion all-stock deal that comes as packaging firms are jostling to buy growth with acquisitions, as per Reuters.

The transaction gives Australia-listed Amcor some new products, particularly food-packing film for which Bemis is known, as well as deeper access to the Americas at a time when shifting customer preferences are shaking up the industry.

Bemis shareholders get a 25 percent premium on the companys closing stock price last Thursday, before details of the deal were reported.

Amcor also is focused on plastic packaging, with about 54 percent of sales in flexible products and 29 percent in rigid products like bottles, according to a presentation on the deal. More than one-third of Amcor sales are in North America, with 31 percent in Europe and 5 percent in Australia and New Zealand.

Current Amcor shareholders will own 71 percent of the combined company, while Bemis holders will have the rest. The new company will be listed on the New York Stock Exchange and the Australia Stock Exchange. The deal, subject to regulatory and stockholder approval, is targeted to close in the first quarter of next year.
Author:Anna Larionova
Tags:PP, PS, PE, PET-granulate, packaging, PET bottles, PET preforms, AMCOR.
Category:General News
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