Amcor and Berry Global move closer to merger with joint proxy statement filing

USA – Amcor and Berry Global have filed a definitive joint proxy statement with the US Securities and Exchange Commission (SEC), marking a crucial milestone toward completing their merger.

This transformative all-stock transaction, first announced in November 2024, aims to create a global leader in consumer and healthcare packaging solutions.

The filing details preparations for shareholder meetings scheduled concurrently on February 25, 2025, where both companies will vote on the proposed merger.

Under the definitive merger agreement, the combined entity will offer a comprehensive portfolio spanning flexible films, containers, closures, and dispensing systems, catering to various consumer and healthcare packaging needs.

Amcor CEO Peter Konieczny emphasized the strategic significance of the merger, stating, “This combination delivers on our strategy to accelerate growth by putting the customer first, elevating sustainability, and focusing on faster-growing, higher-margin categories.”

The merger aims to strengthen product offerings, enhance innovation, and improve supply chain flexibility, benefiting both global and local customers.

Key terms of the agreement outline that Berry shareholders will receive 7.25 Amcor shares for each Berry share held at closing.

This exchange ratio will result in Amcor shareholders owning approximately 63% of the new entity, with Berry shareholders holding 37%.

The merger is projected to yield significant financial benefits. An estimated US$650 million in shareholder value will be generated through synergies, while annual free cash flow is expected to exceed US$3 billion.

Additionally, the transaction is forecast to boost adjusted cash earnings per share by over 35%. Long-term shareholder value creation is anticipated to rise, with annual growth estimates increasing from 10–15% to 13–18%.

The boards of both companies have unanimously endorsed the merger, citing its potential to redefine the packaging industry. By combining resources, talent, and innovation, the newly formed entity aims to lead in sustainability, customer-focused solutions, and market growth.

As shareholders prepare to cast their votes, the proposed merger represents an ambitious leap toward reshaping the global packaging landscape, benefiting customers and investors alike.

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