Amcor expects to close $6.8bn merger with Bemis in May

13 March 2019 (Last Updated March 13th, 2019 12:04)

Australian packaging company Amcor has filed shareholder documentation and finalised board of director and senior leadership appointments related to the proposed $6.8bn merger with US-based flexible packaging major Bemis in an all-stock combination.

Amcor expects to close $6.8bn merger with Bemis in May
Amcor offers flexible packaging products for food, beverage, medical, pharmaceutical, and personal care sectors. Credit: Amcor Limited.

Australian packaging company Amcor has filed shareholder documentation and finalised board of director and senior leadership appointments related to the proposed $6.8bn merger with US-based flexible packaging major Bemis in an all-stock combination.

The company expects to register a scheme booklet with the Australian Securities and Investments Commission (ASIC).

Following completion of the deal, Amcor will establish a primary listing on the New York Stock Exchange (NYSE) and the Australian Securities Exchange (ASX).

Last month, the Australian packaging firm received approval from the European Commission for the merger.

The boards of directors of both companies have also unanimously recommended the merger, which is expected to be completed in May.

However, the transaction is currently subject to the regulatory approvals in the US and Brazil. The company is currently in advanced discussions with the concerned regulators.

The company has selected three Bemis directors, including Arun Nayar, David Szczupak and Philip Weaver, who will be named to the board of the merged entity. The board will comprise 11 members, including eight Amcor directors.

Amcor CEO Ron Delia said: “Since announcing this transaction, we have made significant progress towards closure and further important steps have been taken today with the finalisation of board of director and senior leadership appointments as well as shareholder documentation filings.

“We have made significant progress towards closure and further important steps have been taken today.”

“As we approach the closing of the transaction, the opportunities to further strengthen our industry-leading value proposition for customers, employees and the environment, and to create value for shareholders are even clearer.”

The company has evaluated management teams from both companies and external candidates to make senior leadership appointments after closing the deal.

Amcor Flexibles Europe, Middle East and Africa business group president Peter Konieczny and Amcor chief commercial officer and Amcor Flexibles Asia Pacific president Michael Zacka will continue in their roles and will oversee the combined Amcor and Bemis businesses.

Bemis North America president Fred Stephan will join the merged entity as business group president of Amcor Flexibles North America while Amcor Flexibles South America vice-president Aluisio Fonseca will become business group president for Latin America.

Bemis senior vice-president and chief legal officer Sheri Edison will become Amcor general counsel, Bemis senior vice-president and chief technology officer Bill Jackson will be named as chief technology officer of Amcor Flexibles.

However, Bemis CEO Bill Austen and CFO Mike Clauer will exit from their current roles and provide transition support to the combined company on an interim basis.