Amcor and Berry Global shareholders approve business combination
Amcor and Berry Global Group are combining their businesses by mid-calendar year 2025, subject to closing conditions. The packaging giants aim to establish a “global leader” in consumer and healthcare packaging solutions, combined with material science and innovation capabilities.
In November, Amcor announced it would acquire Berry Global for US$8.43 billion. The deal aims to create a new company capable of providing a far wider range of flexible and converted films, scaled containers and closures, and a unique global healthcare portfolio.
With the deal, Amcor and Berry Global plan to “revolutionize” product development and support customer needs and sustainability demands.
Amcor’s CEO, Peter Konieczny, says: “The resounding support from both companies’ shareholders marks another important milestone in bringing Amcor and Berry together. Our combined company will be positioned to serve customers better, grow faster, and operate globally in a way neither company could accomplish alone. Together, we have an exciting and unique opportunity to truly transform the future of packaging.”
Berry Global’s CEO Kevin Kwilinski adds: “We are excited to take another important step toward finalizing this combination between Berry and Amcor and are pleased the shareholders of both companies clearly recognize the significant opportunities we will have as one company to deliver enhanced value for all stakeholders.”
Driving value
The shareholders of both companies “overwhelmingly” voted to approve the combination of the two companies in a meeting yesterday. Amcor and Berry Global say that the approval satisfies the shareholder vote condition for the combination, originally announced in November 2024.
The “highly complementary” businesses are expected to grow faster together throughout product categories and aim to further refine their portfolio. “With faster growth and US$650 million of identified synergies, the companies expect to drive near and long term value for all shareholders,” share Amcor and Berry.
A reported 71% of Amcor’s outstanding shares were present or represented by proxy, and more than 99% of these shares were voted in favor of the relevant proposal. Meanwhile, more than 83% of Berry Global’s outstanding shares were present or represented by proxy, and more than 98% of these shares were voted in favor of the relevant proposal. Amcor and Berry Global say they will each file the final voting results with the US SEC on Form 8-K.
