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Tuesday, 12 Feb 2019
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BUY HOLD SELL - AMC

AMC has been in the news of late given their takeover of Bemis Company, in a US$6.8bn, all-scrip buyout of the US packaging company. The takeover will make Amcor the world’s largest plastic packaging group and leader in flexible packaging, with a market cap of US$17bn and revenues of US$13bn.

Overnight, AMC and Bemis issued a press release following the European Commission’s approval of their merger. A condition of the approval is an agreement to divest three Bemis plants located in the United Kingdom and Ireland. Combined these plants generate approximately $170m of annual revenue from the sale of flexible packaging for certain healthcare products. This is immaterial given the projected revenues of the combined entity noted above (US$13bn). The merger is yet to

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