• All rise: Amcor figures up across every divsion
    All rise: Amcor figures up across every divsion

Amcor and Bemis are set to merge on Tuesday 11 June after receiving antitrust clearance in the US and approval from the Australian Federal Court.

The US Department of Justice provided regulatory clearance to the move on Friday 31 May, on the condition that some Amcor assets are sold to Tekni-Plex as planned, while the Federal Court gave the merger a thumbs-up on Tuesday 4 June.

The $A9.2 billion merger will see Amcor expand its US footprint and list on the New York Stock Exchange (NYSE) with a market capitalisation of about $A23 billion. Holding company New Amcor will incorporate in the UK Channel Island of Jersey, a known tax haven.

The company will continue to trade on the ASX through Chess Depository Interests, a type of security used by the ASX to allow international companies to trade on the local market.

The combined businesses will have a total revenue of $US13 billion.

Food & Drink Business

In a world first, the Singapore Food Agency says a cultivated meat – US-based Eat Just’s cultured chicken nuggets – meets its food safety standards and is safe for human consumption. The industry is calling the decision a game changer.

The Brewers Association of Australia has appointed John Preston as its new CEO. Preston will start in the role on 4 January 2021.

Asahi Beverages has appointed Nigel Parsons as the new CEO of Asahi Lifestyle Beverages. He will join the company on 1 March 2021.