Amcor and Bemis Transaction Receives Unconditional Antitrust Clearance from Brazil
April 11, 2019
BRAZIL (News release) -- Amcor Limited and Bemis Company, Inc. announce another important step toward closing their all-stock transaction. Unconditional antitrust clearance with no remedial action has been received from the Brazilian Administrative Council for Economic Defense (CADE).
The transaction remains subject to regulatory approval in the United States. The companies are in advanced discussions with US Department of Justice (DOJ) which includes the potential for required remedies. Inclusive of remedies required by the European Commission, collective potential remedies would represent an immaterial proportion of the total sales for the combined company and would not impact the USD 180 million of net cost synergies expected to be delivered by the end of the third year following completion.
As previously announced, completion of the transaction is expected on 15th May 2019.
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