Australian packaging company Amcor has received antitrust clearance from the US Department of Justice (DOJ) for the proposed $6.8bn merger with US-based flexible packaging major Bemis in an all-stock combination.
The government agency has approved the deal following the fulfilment of its condition to sell certain Amcor assets in the US to packaging materials manufacturer Tekni-Plex.
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In April, Tekni-Plex signed the deal to buy the three production facilities for a cash consideration of $215m.
The three facilities are located in Madison and Milwaukee in Wisconsin, and Ashland in Massachusetts.
Amcor also received antitrust clearance from the Brazilian Administrative Council for Economic Defense (CADE) with no remedial action for the merger during the same month.
In March, the Australian packaging company filed shareholder documentation and finalised board of director and senior leadership appointments related to the merger.
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By GlobalDataDuring this announcement, the company noted that it expects to register a scheme booklet with the Australian Securities and Investments Commission (ASIC), and will establish a primary listing on the New York Stock Exchange (NYSE) and the Australian Securities Exchange (ASX).
Both companies will now focus on the final steps towards closing the transaction as they received all antitrust and other regulatory clearances.
On 4 June, a second court hearing regarding the deal will be held in Australia, while Amcor shares will cease trading on ASX.
Bemis shares will cease trading on the NYSE on 10 June 2019. The merger will close and Amcor shares will start trading on the NYSE on 11 June.
Amcor received approval from the European Commission for the proposed merger in March.
