In the all-stock cash-free transaction, the agreed distribution will be at a fixed exchange ratio of 5.1 Amcor shares for each Bemis share. Hence, Amcor shareholders will own 71% of the combined company and Bemis shareholders will own 29%.

Amcor's CEO, Ron Delia, said, “The strategic rationale for this combination and the financial benefits are highly compelling for both Amcor and Bemis shareholders. We are convinced this is the right deal at the right time for both companies, and with the right structure for both sets of shareholders to participate in a unique value creation opportunity. Amcor identified flexible packaging in the Americas as a key growth priority and this transaction delivers a step change in that region".

Bemis’ President and CEO, William F. Austen, said, "The combination of Bemis and Amcor is transformational, bringing together two highly complementary organizations to create a global leader in consumer packaging. We believe this combination, which is an exciting growth story for both companies, will benefit all stakeholders."

"Amcor and Bemis have many things in common starting with proud histories that date back more than 150 years. Both companies are grounded in strong values, a shared commitment to innovation and value-added consumer packaging, and have talented management teams,” added Delia.

The combination will be effected through a merger of Amcor and Bemis into a newly created holding company to be known as New Amcor as it is incorporated in Jersey. New Amcor will have a primary listing on the New York stock exchange (NYSE) and a listing on the Australian securities exchange (ASX). 

New Amcor will continue to support the communities in which Bemis operates and announced on 6 August 2018, that a contribution of USD 35,000 will be provided to the Bemis Foundation on behalf of Amcor’s 35,000 employees worldwide.