Amcor Boxes Up Bemis Deal
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Melbourne-based global packaging company Amcor has requested a trading halt, pending an announcement about an acquisition.
The trading halt follows media reports that it is advanced talks to buy US rival Bemis, which has a market value of about $US4.20 billion.
Amcor share closed 0.3% higher at $15.28 on Friday, with a market capitalisation of $17.69 billion, while Bemis shares jumped 11.27% to $US51.53 in the US.
The share are up more than 20% in the past month.
The reports say Amcor is completing negotiations for an all-share buyout of Bemis Company which would also result in Amcor having a dual listing on the New York Stock Exchange and the ASX.
Amcor asked for the trading halt “pending an announcement by Amcor in relation to an all stock acquisition that is under consideration by Amcor”, with the halt in place until the start of trading on August 8 (tomorrow, Wednesday).
Bemis has been linked previously to UK corrugated-packaging company DS Smith Plc. Reports last September first linked Amcor to Bemis.
Glenn Dyer has been a finance journalist and TV producer for more than 40 years. He has worked at Maxwell Newton Publications, Queensland Newspapers, AAP, The Australian Financial Review, The Nine Network and Crikey.
At the AFR he was a finance writer, Finance Editor, News Editor and Chief of Staff. At the Nine Network he was supervising producer of Business Sunday for more than 16 years. He has also written for other online and analogue print publications here and overseas.