Australian packaging company Amcor has received antitrust clearance from the Brazilian Administrative Council for Economic Defense (CADE) with no remedial action for the proposed $6.8bn merger with US-based flexible packaging major Bemis in an all-stock combination.
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This move follows Amcor’s recent announcement of filing shareholder documentation and finalising board of director and senior leadership appointments related to the merger.
The transaction is currently subject to regulatory approval in the US, for which, both firms are in advanced discussions with the US Department of Justice (DOJ).
The company noted that potential remedies proposed as part of the transaction, including the remedies required by the European Commission, would represent an immaterial proportion of the total sales for the combined company.
These remedies are expected to have no effect on the $180m of net cost synergies to be delivered by the end of the third year after closing the deal.
In its previous announcement, the company mentioned its intention to register a scheme booklet with the Australian Securities and Investments Commission (ASIC).
Amcor also announced plans to establish a primary listing on the New York Stock Exchange (NYSE) and the Australian Securities Exchange (ASX) after closing the deal.
Both companies expect to close the deal on 15 May.
Bemis creates packaging for food, consumer product, healthcare and industrial applications.
Amcor, which operates around 195 sites in more than 40 countries, supplies rigid and flexible packaging solutions.
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2022: So far In Venture Capital
- Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
- Identify the top investors already active in any sector-Geography combinations
- Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
- Understand what is driving the PE/VC fundraising (Deal Rationale)