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  • 03 May 2019

Amcor, Bemis merger moves closer

Amcor, Bemis merger moves closer

Bemis shareholders have voted to approve the company’s combination with Amcor, moving the multibillion dollar merger closer to completion.

Last year, the two companies entered into a strategic agreement that will see Amcor acquire Bemis in a $6.8 billion USD all-stock combination, creating a global leader in consumer packaging.

At a special meeting of shareholders at Bemis, nearly 76 percent of shares outstanding voted in favor of the transaction; of the votes cast, approximately 96 percent were in favor of the transaction. Amcor shareholders have previously voted to approve the combination.

William F. Austen, president and CEO at Bemis, said: ‘We are pleased with the strong support we have received from Bemis shareholders for our transformational combination with Amcor.

‘Today’s approval is a key milestone in the process of combining our two companies to create the global leader in consumer packaging that offers a more diversified range of products and solutions with greater scale and resources to better serve customers around the world. We are confident that we will create significant value for shareholders, employees, and customers with this combination, and we look forward to maximizing the strengths of both companies through a thoughtful integration process.’

The combination of Bemis and Amcor remains subject to the satisfaction of various closing conditions, including US antitrust approval.

Upon completion of the $6.8 billion USD all-stock combination of Amcor and Bemis, a new-look board will be created to lead the merged business.

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