Shareholders approve $13 billion Amcor-Berry deal

The news: Shareholders of both companies have approved packaging giant Amcor’s $13 billion acquisition of US-based Berry Global.

The numbers: The ASX-listed Amcor said on Monday shareholders in both firms had “overwhelmingly approved” the combination, marking a significant step in the merger process. The merged company is expected to have combined revenues of USD24 billion ($38.7 billion), with 400 packaging plants and 75,000 staff around the world.

The context: Under the deal, Amcor shareholders will own 63% of the combined business. The merger, which is expected to close by mid-2025, aims to achieve USD650 million in synergies by the end of the third year.

It had previously received unanimous board approval from both firms. The two companies will operate separately for now, Amcor said in a filing to the stock exchanges.