• 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

Market connectivity through ecommerce is more urgent than ever before, Food Innovation Australia Limited (FIAL) says. It has refreshed its Australian Food Catalogue (AFC) to boost its trade credentials.

Thomas Foods International has acquired a 50 per cent stake in meat processing company Frew International. In an unrelated sale, the company has agreed to sell its fresh potato business to Mitolo Family Farms.

Foodpro will be held from 25-28 July 2021 at the Sydney Showground, Sydney Olympic Park, a shift from the Melbourne location planned for this year.