Amcor, Berry Global receive US antitrust clearance

Amcor PLC and Berry Global Group Inc., which announced their plans to merge in November of last year, say the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act) has expired, satisfying another closing condition necessary for completing the combination.

The companies also say additional approvals have been received from regulatory authorities in recent weeks, including from China and Brazil, putting them on track to close in the middle of this calendar year.

Amcor, based in Zurich, develops and produces packaging solutions across a variety of materials for food, beverage, pharmaceutical, medical, home and personal care and other products. It offers a range of flexible and rigid packaging, specialty cartons, closures and services and is focused on making packaging that is increasingly recyclable, reusable, lighter weight and made using an increasing amount of recycled content.

In fiscal year 2024, the company employed 41,000 people and generated $13.6 billion in annual sales from operations that span 212 locations in 40 countries.

Berry, headquartered in Evansville, Indiana, is a packaging solutions provider that employs 34,000 employees across more than 200 locations globally. The company partners with customers to develop, design and manufacture packaging products with an eye toward the circular economy.

The companies say their combination brings together two highly complementary businesses to create a “global leader in consumer packaging solutions,” with a broader flexible film and converted film offering for customers, a scaled containers and closures business and a unique global health care portfolio. Combining will expand innovation capabilities and scale and position the resulting company for accelerated growth, allowing it to solve customers’ and consumers’ sustainability needs, unlock portfolio transformation and deliver significant value to both sets of shareholders.

Under the terms of the transaction, Berry shareholders will receive a fixed exchange ratio of 7.25 Amcor shares for each Berry share held upon closing, resulting in Amcor and Berry shareholders owning approximately 63 percent and 37 percent of the combined company, respectively. The transaction, which has been approved unanimously by both companies’ boards of directors, values Berry’s common stock at $73.59 per share.

The combined entity will be named Amcor PLC, and its global headquarters will remain in Zurich, though Amcor says it still expects to maintain a significant presence in Evansville.

Amcor will maintain its primary listing on the New York Stock Exchange and its secondary listing on the Australian Securities Exchange (ASX). Upon completion of the transaction, Amcor’s board of directors will expand to 11 directors, four of whom will be nominated by Berry. Current Amcor CEO Peter Konieczny will serve in the same capacity in the combined company; Graeme Liebelt, an independent nonexecutive chairman and director at Amcor, will serve as the combined company's board chairman; and Stephen Sterrett, Berry's current board chair, will serve as the new Amcor's deputy chair.