Company News Summary | 12 Feb 2019

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Amcor Receives European Commission Approval for Transaction with Bemis

09:05:00 | Associate analysts

Original annuncemenet:European Commission Approval Received for Amcor and Bemis

Amcor announced an important step toward closing their all-stock transaction, with approval received from the European Commission on 11 February 2019, along with Bemis. A condition of this approval is an agreement to divest three Bemis plants located in the UK and Ireland. Combined these plants generate US$170m of annual revenue from the sale of flexible packaging for certain healthcare products. Inclusive of remedies required by the European Commission, collective potential remedies would represent an immaterial proportion of the total sales for the combined company and would not impact the US$180m of net cost synergies expected to be delivered by the end of the third year following completion.

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