Ann: Form 8-K - Amcor & Berry Announcement, page-2

Amcor to acquire Berry Group in $13 billion deal

Last updated: 10:40 20 Nov 2024 AEDT, First published: 10:28 20 Nov 2024 AEDT
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Amcor PLC (NYSE:AMCR, ASX:AMC), the world’s largest consumer packaging company, will acquire New York-listed Berry Group in an all-scrip deal valued at US$8.4 billion (A$13 billion).
The merger will create a packaging powerhouse with 400 plants worldwide, 75,000 employees and significant market presence in consumer and healthcare packaging.
Amcor shareholders will hold 63% of the combined entity with Berry shareholders owning the remaining 37%.
Under the deal, Berry shareholders will receive 7.25 Amcor shares for each Berry share, valuing Berry’s stock at US$73.59 per share. The deal is expected to generate annual synergies of US$650 million.
Amcor CEO Peter Konieczny described the merger as a strategic fit that enhances the company’s focus on sustainability and high-margin categories.
“This combination delivers on our strategy to accelerate growth by putting the customer first, elevating the role of sustainability and orienting the portfolio toward faster-growing, higher-margin categories,” he said.
Post-merger, the combined entity is anticipated to generate US$24 billion in revenue and US$4.3 billion in adjusted EBITDA annually. The group will maintain its global headquarters in Zurich, Switzerland, with Melbourne-based Graeme Liebelt continuing as chairman. Berry Group is headquartered in Evansville, Indiana.
The acquisition comes amid Amcor’s steady growth, including a US$6.8 billion purchase of Bemis Co in 2019, which shifted its primary listing to the NYSE Amcor’s CHESS depositary interests (CDIs) on the ASX have risen 13% since April, closing at $15.70 per share yesterday.