Amcor and Berry Receive European Commission Antitrust Approval for Merger

ZURICH, SWITZERLAND and EVANSVILLE, INDIANA, – Amcor plc and Berry Global Group, Inc. have received unconditional approval from the European Commission (EC) for their merger, fulfilling the final regulatory requirement for the deal. The merger will officially close on April 30, 2025, barring any other conditions.

The transaction follows the companies' merger agreement and now awaits final steps for closing. As part of the merger process, Amcor is scheduled to release its third-quarter financial results for fiscal 2025 on April 30, 2025, after U.S. market close. A conference call to discuss the results will take place later that day.

The merger approval marks a significant step in combining two major packaging companies, setting the stage for future growth and operational efficiencies.

Amcor and Berry Receive European Commission Antitrust Approval for Merger

Zurich, Switzerland & Evansville, Indiana – Amcor (NYSE: AMCR, ASX: AMC) and Berry Global Group, Inc. (NYSE: BERY) announced that the European Commission has granted unconditional approval for their merger, marking the final regulatory clearance. The transaction is expected to close on April 30, 2025, subject to final conditions.

This approval concludes the regulatory process, enabling the companies to move forward with their merger. Amcor plans to announce its fiscal 2025 third-quarter results on April 30, 2025, followed by a conference call and webcast.

Amcor plc announced on March 12, 2025, that its subsidiary, Amcor Flexibles North America, priced a $2.2 billion private offering of guaranteed senior notes. The offering includes $725 million in 4.800% notes due 2028, $725 million in 5.100% notes due 2030, and $750 million in 5.500% notes due 2035. The proceeds will be used to repay existing debt of Berry Global Group, Inc. as part of Amcor’s planned merger with Berry.

The offering is expected to close on March 17, 2025, pending customary conditions. If the merger does not close, all notes except the 2028 issuance will be subject to mandatory redemption. The notes are being offered to qualified institutional buyers under Rule 144A and certain non-U.S. investors under Regulation S. Amcor emphasized that this announcement does not constitute an offer to sell or buy securities in any jurisdiction.

Berry Global Group and Amcor announced the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act, marking a key milestone in their planned merger. The merger, originally announced on November 19, 2024, will see Berry become a wholly owned subsidiary of Amcor. With this regulatory hurdle cleared, the companies expect the transaction to close in mid-2025, subject to remaining conditions.

The merger aims to enhance operational efficiencies and expand market reach. The companies reiterated that the transaction remains subject to shareholder approval and additional regulatory reviews. A joint press release was issued on March 11, 2025, detailing the progress.

Forward-looking statements caution that risks remain, including regulatory hurdles, integration challenges, and market conditions that could affect the anticipated benefits of the deal. Berry and Amcor have advised investors to review their SEC filings for further details on potential risks and developments.

Amcor plc (NYSE: AMCR) announced that it has filed a Form 8-K to provide financial details related to its previously disclosed merger with Berry Global Group, Inc. (NYSE: BERY). The merger, originally announced on November 19, 2024, involves Amcor acquiring Berry through a subsidiary, with Berry becoming a wholly-owned subsidiary of Amcor upon completion.

As part of the filing, Amcor included unaudited pro forma condensed combined financial statements reflecting the impact of the merger, including balance sheet data as of December 31, 2024, and income statements for the year ended June 30, 2024, and the six months ended December 31, 2024.

The company reiterated that the merger remains subject to regulatory approvals and customary closing conditions. While the financial data is for informational purposes only and does not predict actual future performance, Amcor and Berry anticipate significant synergies from the transaction.

Investors and shareholders are encouraged to review the joint proxy statement/prospectus filed with the SEC and available on Amcor’s and Berry’s investor relations websites.

Amcor announced it has started consent solicitations for certain senior secured notes issued by Berry Global, Inc. The move is part of the planned merger between Amcor and Berry and aims to amend specific provisions in the indentures governing the notes. This is intended to align the credit support of Berry’s notes with Amcor’s senior notes post-merger.

A press release regarding the consent solicitations was issued on February 26, 2025. The merger remains subject to regulatory approvals and other conditions.

Amcor cautions that forward-looking statements about the merger’s anticipated benefits, financial impact, and risks are subject to uncertainties. The company does not guarantee expected results and disclaims any obligation to update projections.

Amcor Reports Strong Q2 and First Half Results, Reaffirms 2025 Outlook

December 2024 – Amcor (NYSE: AMCR), a global leader in packaging solutions, announced solid financial results for the second quarter and first half of fiscal 2025, with continued improvements in volume growth and strong performance across key metrics.

Q2 Highlights:
- Net sales reached $3,241 million.
- GAAP net income totaled $163 million, with GAAP diluted earnings per share (EPS) of 11.3 cents.
- Adjusted EBIT was $363 million, up 5% on a comparable constant currency basis.
- Adjusted EPS for the quarter rose to 16.1 cents, reflecting a 5% increase on a comparable constant currency basis.
- Amcor also announced a highly complementary and financially compelling combination with Berry Global, further strengthening its market position.

Fiscal 2025 First Half Highlights:
- The company reported net sales of $6,594 million.
- GAAP net income for the first half was $354 million, with GAAP diluted EPS of 24.4 cents.
- Adjusted EBIT for the first half was $728 million, reflecting a 4% increase on a comparable constant currency basis.
- Adjusted EPS for the first half rose to 32.2 cents, up 5% compared to the previous year on a comparable constant currency basis.

Fiscal 2025 Outlook:
Amcor reaffirmed its fiscal 2025 outlook, projecting adjusted EPS to range between 72-76 cents per share and adjusted free cash flow to be between $900 million and $1,000 million. The company remains optimistic about its growth prospects, driven by its continued operational improvements and strategic initiatives.

Amcor plc and Berry Global Group, Inc. announced progress towards the completion of their all-stock transaction, with the filing of a joint proxy statement with the U.S. Securities and Exchange Commission. Shareholder meetings for both companies are scheduled for February 25, 2025. The merger will create a global leader in consumer and healthcare packaging, combining flexible films, containers, closures, and dispensing solutions to drive innovation and address sustainability needs.

The transaction is expected to generate $650 million in cost, growth, and financial synergies within three years, alongside annual cash flow exceeding $3 billion and enhanced shareholder value through accelerated earnings and dividend growth. The merger, unanimously recommended by both Boards, aims to close by mid-2025, pending shareholder and regulatory approvals.