Australia/US: Gov shutdown delays US$5B Bemis takeover

The pending acquisition of Bemis by Australian packaging products giant Amcor is now expected to close in the second quarter of this year because of the partial US government shutdown.

The US$5.25 billion all-stock deal was initially expected to close in the first quarter of 2019, Amcor had said in August last year. But it has now been pushed to the second quarter.

“In the United States, antitrust approval and completion of shareholder meeting documentation review by the U.S. Securities and Exchange Commission have been delayed due to the partial U.S. government shutdown,” Amcor said in a statement on Thursday, January 24.

The company had secured antitrust clearances and other regulatory consents in all other jurisdictions besides the US, the statement added.

The merged company will be incorporated in New Jersey, but will be a tax resident of the UK after closing of the transaction. It will be led by Amcor CEO Ron Delia and Amcor Chairman Graeme Leibelt, who will continue in their current positions.

Full Content: Reuters

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