Latest news with #EUMergerRegulation
Qatar Tribune
a day ago
- Business
- Qatar Tribune
F1 owners allowed by European Commission to acquire MotoGP series
Berlin: Formula One owners Liberty Media have been allowed by the European Commission to buy the MotoGP world championship, currently owned by Dorna Sports SL. Liberty announced the take over of 86% of Dorna in April 2024 and on Monday the European Commission approved the deal, valued at $4.2 billion. 'The European Commission has unconditionally approved the proposed acquisition of Dorna Sports SL ('Dorna') by Liberty Media Corporation ('Liberty Media') under the EU Merger Regulation. The Commission concluded that the merger would not raise competition concerns in the European Economic Area ('EEA'),' the Commission said in a statement. Even though Liberty Media will own the commercial rights to the two top racing series competition in the allocation of broadcasting rights will not be restricted. Following an investigation, the Commission considered that F1 and MotoGP 'are not close competitors for the licensing of broadcasting rights for sports content.' (dpa)
Yahoo
4 days ago
- Business
- Yahoo
UniCredit likely to withdraw Banco BPM bid amid regulatory hurdles
UniCredit's chief executive Andrea Orcel in an interview with Italian daily La Repubblica, indicated that the bank is likely to abandon its proposed acquisition of smaller rival Banco BPM, as reported by Reuters. Orcel highlighted ongoing challenges posed by the Italian government's 'golden power' conditions and court appeals as significant barriers to the deal. "But if we don't manage to resolve (the problems), as is probable, we will withdraw," he stated. The CEO noted that UniCredit has been working to comply with the terms set by Rome, including the divestment of its Russian activities, a move also urged by the European Central Bank. "We have done more than was requested by the ECB," Orcel stated, adding that no other bank had reduced its Russian activities as extensively as UniCredit. However, finding a buyer for these assets acceptable to both Russia and Western authorities has proven difficult. Orcel also confirmed that the bank had earmarked capital to cover potential losses if the Russian assets were to be nationalised. Despite the potential setback, Orcel remained optimistic about UniCredit's prospects saying: "Our future is very bright with or without M&A." He refrained from commenting on the ongoing investigation during the interview. This comes on the heels of European Commission's approval of the proposed acquisition under the EU Merger Regulation, subject to UniCredit divesting 209 branches in areas where competition concerns were identified. However, the Italian competition authority's request to assess the merger under national competition law was denied by the Commission. The Commission's investigation concluded that at the local level, the transaction could potentially harm competition in the deposits and loans markets for retail consumers and SMEs banking services. Conversely, at the regional level, no competition concerns were raised for LCCs banking services, as the market would still feature several well-established competitors' post-transaction. Furthermore, the Commission found no evidence that the transaction would increase the risk of coordination in the Italian banking market, considering the market's fragmented nature, the low transparency in consumer pricing, and the limited monitoring of market behaviour by competitors. Earlier this month, Commission revealed that it will not initiate an in-depth investigation into the deal. "UniCredit likely to withdraw Banco BPM bid amid regulatory hurdles " was originally created and published by Retail Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
28-04-2025
- Business
- Yahoo
European Commission approves Amcor and Berry merger deal
Packaging companies Amcor and Berry Global Group have secured antitrust approval from the European Commission (EC) for their planned combination. The unconditional approval was granted under the EU Merger Regulation. This marks the final regulatory approval required for the merger to proceed. With the EC's approval, both companies can now move forward with the remaining steps of the merger process. The companies anticipate completing the merger on 30 April 2025, subject to the satisfaction or waiver of certain remaining closing conditions. Last month, Amcor and Berry secured antitrust approval in the US for their proposed $8.4bn merger. The companies have also confirmed receiving additional regulatory approvals from authorities in China and Brazil. This February, shareholders from both companies approved the proposed merger. At that time, Berry CEO Kevin Kwilinski said: 'We are excited to take another important step toward finalising this combination between Berry and Amcor and are pleased the shareholders of both companies clearly recognise the significant opportunities we will have as one company to deliver enhanced value for all stakeholders.' The deal was originally announced in November 2024. The merged company is expected to prioritise consumer packaging solutions, emphasising sustainable product offerings, global reach, and supply chain flexibility. Under the terms of the agreement, Amcor is set to hold around 63% of the combined company, with Berry retaining the remaining 37% stake. Amcor provides packaging solutions across a range of materials for food, beverages, pharmaceuticals, and other products. It collaborates with companies globally to protect products, enhance brand differentiation, and optimise supply chains. On the other hand, Berry is a global packaging provider with over 34,000 employees across more than 200 sites worldwide. The company focuses on designing and manufacturing products aimed at supporting the circular economy. "European Commission approves Amcor and Berry merger deal" was originally created and published by Packaging Gateway, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
25-04-2025
- Business
- Yahoo
Amcor and Berry Receive European Commission Antitrust Approval for Combination
Unconditional approval satisfies final regulatory clearance; closing expected April 30, 2025 ZURICH & EVANSVILLE, Ind., April 25, 2025--(BUSINESS WIRE)--Amcor plc ("Amcor") (NYSE: AMCR, ASX: AMC) and Berry Global Group, Inc. ("Berry") (NYSE: BERY) today announced the European Commission (EC) has granted unconditional approval under the EU Merger Regulation for the previously announced combination of the two companies, satisfying the final regulatory clearance required. In accordance with the merger agreement, this enables the companies to complete the remaining steps towards closing. The transaction is expected to close on April 30, 2025, subject to the satisfaction or waiver of certain other closing conditions. Amcor plans to announce its financial results for fiscal 2025 third quarter ended March 31, 2025 after U.S. market close on April 30, 2025. A conference call and webcast to discuss Amcor's results will be held at 5.30 p.m. U.S. Eastern Daylight Time on Wed., April 30 / 7.30 a.m. Australian Eastern Standard Time on Thurs., May 1. Dial-in details for those wishing to participate have been announced today and can be found on About Amcor Amcor plc is a global leader in developing and producing responsible packaging solutions across a variety of materials for food, beverage, pharmaceutical, medical, home and personal-care, and other products. Amcor works with leading companies around the world to protect products, differentiate brands, and improve supply chains. The Company offers a range of innovative, differentiating flexible and rigid packaging, specialty cartons, closures and services. The company is focused on making packaging that is increasingly recyclable, reusable, lighter weight and made using an increasing amount of recycled content. In fiscal year 2024, 41,000 Amcor people generated $13.6 billion in annual sales from operations that span 212 locations in 40 countries. NYSE: AMCR; ASX: AMC About Berry Berry is a global leader in innovative packaging solutions that we believe make life better for people and the planet. We do this every day by leveraging our unmatched global capabilities, sustainability leadership, and deep innovation expertise to serve customers of all sizes around the world. Harnessing the strength in our diversity and industry-leading talent of over 34,000 global employees across more than 200 locations, we partner with customers to develop, design, and manufacture innovative products with an eye toward the circular economy. The challenges we solve and the innovations we pioneer benefit our customers at every stage of their journey. Cautionary Statement Regarding Forward-Looking Statements This press release contains certain statements that are "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identified with words like "believe," "expect," "target," "project," "may," "could," "would," "approximately," "possible," "will," "should," "intend," "plan," "anticipate," "commit," "estimate," "potential," "ambitions," "outlook," or "continue," the negative of these words, other terms of similar meaning, or the use of future dates. Such statements, including projections as to the anticipated benefits of the proposed Transaction (as defined herein), the impact of the proposed Transaction on Amcor's and Berry Global Group Inc.'s ("Berry") business and future financial and operating results and prospects, and the amount and timing of synergies from the proposed Transaction, are based on the current estimates, assumptions, projections and expectations of the management of Amcor and Berry and are qualified by the inherent risks and uncertainties surrounding future expectations generally. Actual results could differ materially from those currently anticipated due to a number of risks and uncertainties many of which are beyond Amcor's and Berry's control. Neither Amcor nor Berry nor any of their respective directors, executive officers, or advisors, provide any representation, assurance, or guarantee that the occurrence of the events expressed or implied in any forward-looking statements will actually occur or if any of them do occur, what impact they will have on the business, results of operations or financial condition of Amcor and Berry. Should any risks and uncertainties develop into actual events, these developments could have a material adverse effect on Amcor's and Berry's respective businesses, the proposed Transaction and the ability to successfully complete the proposed Transaction and realize its expected benefits. Risks and uncertainties that could cause actual results to differ from expectations include, but are not limited to: occurrence of any event, change or other circumstance that could give rise to the termination of the Agreement and Plan of Merger ("Merger Agreement") in connection with the proposed merger (the "Transaction") of Amcor and Berry; risk that the conditions to the completion of the proposed Transaction with Berry (including regulatory approvals) are not satisfied in a timely manner or at all; risks arising from the integration of the Amcor and Berry businesses; risk that the anticipated benefits of the proposed Transaction may not be realized when expected or at all; risk of unexpected costs or expenses resulting from the proposed Transaction; risk of litigation related to the proposed Transaction; risks related to the disruption of management's time from ongoing business operations as a result of the proposed Transaction; risk that the proposed Transaction may have an adverse effect on Amcor's and Berry's respective ability to retain key personnel and customers; general economic, market and social developments and conditions; evolving legal, regulatory and tax regimes under which Amcor or Berry operates; potential business uncertainty, including changes to existing business relationships, during the pendency of the proposed Transaction that could affect Amcor's and Berry's respective financial performance; changes in consumer demand patterns and customer requirements in numerous industries; the loss of key customers, a reduction in their production requirements, or consolidation among key customers; significant competition in the industries and regions in which Amcor or Berry operates; an inability to expand Amcor's and Berry's respective current businesses effectively through either organic growth, including product innovation, investments, or acquisitions; challenging global economic conditions; impacts of operating internationally; price fluctuations or shortages in the availability of raw materials, energy, and other inputs which could adversely affect Amcor's and Berry's respective businesses; production, supply, and other commercial risks, including counterparty credit risks, which may be exacerbated in times of economic volatility; pandemics, epidemics, or other disease outbreaks; an inability to attract and retain Amcor's and Berry's respective global executive teams and Amcor's and Berry's respective skilled workforce and manage key transitions; labor disputes and an inability to renew collective bargaining agreements at acceptable terms; physical impacts of climate change; cybersecurity risks, which could disrupt Amcor's and Berry's respective operations or risk of loss of Amcor's and Berry's respective sensitive business information; failures or disruptions in Amcor's and Berry's respective information technology systems which could disrupt Amcor's and Berry's respective operations, compromise customer, employee, supplier, and other data; a significant increase in Amcor's and Berry's respective indebtedness or a downgrade in Amcor's and Berry's respective credit ratings could reduce Amcor's and Berry's respective operating flexibility and increase Amcor's and Berry's respective borrowing costs and negatively affect Amcor's and Berry's respective financial condition and results of operations; rising interest rates that increase Amcor's and Berry's respective borrowing costs on Amcor's and Berry's respective variable rate indebtedness and could have other negative impacts; foreign exchange rate risk; a significant write-down of goodwill and/or other intangible assets; a failure to maintain an effective system of internal control over financial reporting; an inability of Amcor's and Berry's respective insurance policies, including Amcor's and Berry's respective use of a captive insurance company, to provide adequate protection against all of the risks Amcor and Berry face; an inability to defend Amcor's or Berry's respective intellectual property rights or intellectual property infringement claims against Amcor or Berry; litigation, including product liability claims or litigation related to Environmental, Social, and Governance ("ESG"), matters or regulatory developments; increasing scrutiny and changing expectations from investors, customers, suppliers, and governments with respect to Amcor's and Berry's respective ESG practices and commitments resulting in additional costs or exposure to additional risks; changing ESG government regulations including climate-related rules; changing environmental, health, and safety laws; changes in tax laws or changes in Amcor's and Berry's respective geographic mix of earnings; and other risks and uncertainties are supplemented by those identified from time to time in Amcor's and Berry's filings with the Securities and Exchange Commission (the "SEC"), including without limitation, those described under Part I, "Item 1A - Risk Factors" in Amcor's Annual Report on Form 10-K for the fiscal year ended June 30, 2024 and Berry's Annual Report on Form 10-K for the fiscal year ended September 28, 2024, each as updated by Amcor's or Berry's quarterly reports on Form 10-Q. You can obtain copies of Amcor's and Berry's filings with the SEC for free at the SEC's website ( Forward-looking statements included herein are made only as of the date hereof and Amcor and Berry do not undertake any obligation to update any forward-looking statements, or any other information in this communication, as a result of new information, future developments or otherwise, or to correct any inaccuracies or omissions in them which become apparent, except as expressly required by law. All forward-looking statements in this communication are qualified in their entirety by this cautionary statement. View source version on Contacts Amcor Investor Relations Contacts Tracey WhiteheadGlobal Head of Investor RelationsT: +61 408 037 590E: Damien BirdVice President Investor RelationsAsia PacificT: +61 481 900 499E: Damon WrightVice President Investor RelationsNorth AmericaT: +1 224 313 7141E: Amcor Media Contacts Australia James StrongManaging DirectorSodali & CoT: +61 448 881 174E: Europe Ernesto DuranAmcor Head of Global CommunicationsT: +41 78 698 69 40E: North America Julie LiedtkeAmcor Director, Media RelationsT: +1 847 204 2319E: Berry Investor Relations / Media Contact Dustin StilwellVP, Head of Investor RelationsT: +1 812 306 2964E: ir@ E: mediarelations@ Sign in to access your portfolio
Business Wire
25-04-2025
- Business
- Business Wire
Amcor and Berry Receive European Commission Antitrust Approval for Combination
ZURICH & EVANSVILLE, Ind.--(BUSINESS WIRE)--Amcor plc ('Amcor') (NYSE: AMCR, ASX: AMC) and Berry Global Group, Inc. ('Berry') (NYSE: BERY) today announced the European Commission (EC) has granted unconditional approval under the EU Merger Regulation for the previously announced combination of the two companies, satisfying the final regulatory clearance required. In accordance with the merger agreement, this enables the companies to complete the remaining steps towards closing. The transaction is expected to close on April 30, 2025, subject to the satisfaction or waiver of certain other closing conditions. Amcor plans to announce its financial results for fiscal 2025 third quarter ended March 31, 2025 after U.S. market close on April 30, 2025. A conference call and webcast to discuss Amcor's results will be held at 5.30 p.m. U.S. Eastern Daylight Time on Wed., April 30 / 7.30 a.m. Australian Eastern Standard Time on Thurs., May 1. Dial-in details for those wishing to participate have been announced today and can be found on About Amcor Amcor plc is a global leader in developing and producing responsible packaging solutions across a variety of materials for food, beverage, pharmaceutical, medical, home and personal-care, and other products. Amcor works with leading companies around the world to protect products, differentiate brands, and improve supply chains. The Company offers a range of innovative, differentiating flexible and rigid packaging, specialty cartons, closures and services. The company is focused on making packaging that is increasingly recyclable, reusable, lighter weight and made using an increasing amount of recycled content. In fiscal year 2024, 41,000 Amcor people generated $13.6 billion in annual sales from operations that span 212 locations in 40 countries. NYSE: AMCR; ASX: AMC About Berry Berry is a global leader in innovative packaging solutions that we believe make life better for people and the planet. We do this every day by leveraging our unmatched global capabilities, sustainability leadership, and deep innovation expertise to serve customers of all sizes around the world. Harnessing the strength in our diversity and industry-leading talent of over 34,000 global employees across more than 200 locations, we partner with customers to develop, design, and manufacture innovative products with an eye toward the circular economy. The challenges we solve and the innovations we pioneer benefit our customers at every stage of their journey. Cautionary Statement Regarding Forward-Looking Statements This press release contains certain statements that are 'forward-looking statements' within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identified with words like 'believe,' 'expect,' 'target,' 'project,' 'may,' 'could,' 'would,' 'approximately,' 'possible,' 'will,' 'should,' 'intend,' 'plan,' 'anticipate,' 'commit,' 'estimate,' 'potential,' 'ambitions,' 'outlook,' or 'continue,' the negative of these words, other terms of similar meaning, or the use of future dates. Such statements, including projections as to the anticipated benefits of the proposed Transaction (as defined herein), the impact of the proposed Transaction on Amcor's and Berry Global Group Inc.'s ('Berry') business and future financial and operating results and prospects, and the amount and timing of synergies from the proposed Transaction, are based on the current estimates, assumptions, projections and expectations of the management of Amcor and Berry and are qualified by the inherent risks and uncertainties surrounding future expectations generally. Actual results could differ materially from those currently anticipated due to a number of risks and uncertainties many of which are beyond Amcor's and Berry's control. Neither Amcor nor Berry nor any of their respective directors, executive officers, or advisors, provide any representation, assurance, or guarantee that the occurrence of the events expressed or implied in any forward-looking statements will actually occur or if any of them do occur, what impact they will have on the business, results of operations or financial condition of Amcor and Berry. Should any risks and uncertainties develop into actual events, these developments could have a material adverse effect on Amcor's and Berry's respective businesses, the proposed Transaction and the ability to successfully complete the proposed Transaction and realize its expected benefits. Risks and uncertainties that could cause actual results to differ from expectations include, but are not limited to: occurrence of any event, change or other circumstance that could give rise to the termination of the Agreement and Plan of Merger ('Merger Agreement') in connection with the proposed merger (the 'Transaction') of Amcor and Berry; risk that the conditions to the completion of the proposed Transaction with Berry (including regulatory approvals) are not satisfied in a timely manner or at all; risks arising from the integration of the Amcor and Berry businesses; risk that the anticipated benefits of the proposed Transaction may not be realized when expected or at all; risk of unexpected costs or expenses resulting from the proposed Transaction; risk of litigation related to the proposed Transaction; risks related to the disruption of management's time from ongoing business operations as a result of the proposed Transaction; risk that the proposed Transaction may have an adverse effect on Amcor's and Berry's respective ability to retain key personnel and customers; general economic, market and social developments and conditions; evolving legal, regulatory and tax regimes under which Amcor or Berry operates; potential business uncertainty, including changes to existing business relationships, during the pendency of the proposed Transaction that could affect Amcor's and Berry's respective financial performance; changes in consumer demand patterns and customer requirements in numerous industries; the loss of key customers, a reduction in their production requirements, or consolidation among key customers; significant competition in the industries and regions in which Amcor or Berry operates; an inability to expand Amcor's and Berry's respective current businesses effectively through either organic growth, including product innovation, investments, or acquisitions; challenging global economic conditions; impacts of operating internationally; price fluctuations or shortages in the availability of raw materials, energy, and other inputs which could adversely affect Amcor's and Berry's respective businesses; production, supply, and other commercial risks, including counterparty credit risks, which may be exacerbated in times of economic volatility; pandemics, epidemics, or other disease outbreaks; an inability to attract and retain Amcor's and Berry's respective global executive teams and Amcor's and Berry's respective skilled workforce and manage key transitions; labor disputes and an inability to renew collective bargaining agreements at acceptable terms; physical impacts of climate change; cybersecurity risks, which could disrupt Amcor's and Berry's respective operations or risk of loss of Amcor's and Berry's respective sensitive business information; failures or disruptions in Amcor's and Berry's respective information technology systems which could disrupt Amcor's and Berry's respective operations, compromise customer, employee, supplier, and other data; a significant increase in Amcor's and Berry's respective indebtedness or a downgrade in Amcor's and Berry's respective credit ratings could reduce Amcor's and Berry's respective operating flexibility and increase Amcor's and Berry's respective borrowing costs and negatively affect Amcor's and Berry's respective financial condition and results of operations; rising interest rates that increase Amcor's and Berry's respective borrowing costs on Amcor's and Berry's respective variable rate indebtedness and could have other negative impacts; foreign exchange rate risk; a significant write-down of goodwill and/or other intangible assets; a failure to maintain an effective system of internal control over financial reporting; an inability of Amcor's and Berry's respective insurance policies, including Amcor's and Berry's respective use of a captive insurance company, to provide adequate protection against all of the risks Amcor and Berry face; an inability to defend Amcor's or Berry's respective intellectual property rights or intellectual property infringement claims against Amcor or Berry; litigation, including product liability claims or litigation related to Environmental, Social, and Governance ('ESG'), matters or regulatory developments; increasing scrutiny and changing expectations from investors, customers, suppliers, and governments with respect to Amcor's and Berry's respective ESG practices and commitments resulting in additional costs or exposure to additional risks; changing ESG government regulations including climate-related rules; changing environmental, health, and safety laws; changes in tax laws or changes in Amcor's and Berry's respective geographic mix of earnings; and other risks and uncertainties are supplemented by those identified from time to time in Amcor's and Berry's filings with the Securities and Exchange Commission (the 'SEC'), including without limitation, those described under Part I, 'Item 1A - Risk Factors' in Amcor's Annual Report on Form 10-K for the fiscal year ended June 30, 2024 and Berry's Annual Report on Form 10-K for the fiscal year ended September 28, 2024, each as updated by Amcor's or Berry's quarterly reports on Form 10-Q. You can obtain copies of Amcor's and Berry's filings with the SEC for free at the SEC's website ( Forward-looking statements included herein are made only as of the date hereof and Amcor and Berry do not undertake any obligation to update any forward-looking statements, or any other information in this communication, as a result of new information, future developments or otherwise, or to correct any inaccuracies or omissions in them which become apparent, except as expressly required by law. All forward-looking statements in this communication are qualified in their entirety by this cautionary statement.
