Amcor Limited stock is in a trading halt

  • Aug 06, 2018 AEST
  • Team Kalkine
Amcor Limited stock is in a trading halt

Trading Halt due to pending acquisition announcement: Amcor Limited’s (ASX: AMC) shares are placed in a trading halt until 8 August 2018, as there is a speculation that the company will announce the all-stock acquisition of U.S. rival Bemis Co for the consideration of $7 billion. After acquisition, the company plans to list in the US also. Currently, the packaging industry is facing challenging environment due to the rising cost of inputs, which is prompting companies to hike prices.

AMC expects additional unfavourable lag in H2 18 of more than around $15million due to rise in raw material cost. Meanwhile, Bemis provides packaging to a range of industries like food, healthcare and consumer goods etc and has a market value of approximately $US4.20 billion. Bemis operates 57 packaging plants in 12 countries, with most of its operations and about 70% of its sales revenue comes from US. On the other hand, AMC stock has risen 14.80% in three months as on August 03, 2018  and is trading at a P/E of 22.03x. AMC stock is added to S&P/ASX 20 Index, effective from June 18, 2018.

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