How many Amcor shares will be issued to former Berry shareholders?

Amcor expects to issue approximately 860 million ordinary shares for Berry common stock and vested options, net of shares withheld for taxes. An additional obligation of up to about 16 million shares (fully diluted, before tax adjustments) covers unvested RSUs, PSUs and options that were converted into Amcor awards.

What synergies and accretion does management expect?

Management expects $260 million of pre-tax synergies in FY26 alone, driving about 12% adjusted EPS accretion before underlying growth. Total pre-tax synergies are targeted at roughly $650 million by the end of FY28, with EPS accretion of 35% or more by then.

What cash generation and capital return capacity does Amcor now expect?

Amcor expects annual cash flow above $3 billion by FY28, including full run-rate synergies and a one-time $280 million working capital benefit. It cites this capacity for organic reinvestment, value-accretive M&A, a growing dividend and share repurchases.

Does the merger change Amcor's board or senior leadership?

Four Berry directors joined the Amcor board, with Stephen Sterrett as Deputy Chairman. Three Amcor directors resigned to create room, and the resignations were stated not to involve any disagreement. Jean-Marc Galvez was named Division President, Global Containers and Closures, under an offer letter with a CHF 880,000 base salary.

What financial information on Berry is available to investors now?

Exhibit 99.2 contains Berry's unaudited financials for the quarter ended March 29, 2025, showing net sales of $2.52 billion and net income of $193 million (including discontinued operations). Total debt was about $7.0 billion, and $1.5 billion of it was classified as current. Pro forma combined financials are not yet included and will be filed by amendment.

AMCR 8-K: Leadership Changes

01—Abstract

Summary

Summary of the 8-K filed April 30, 2025. Cited figures are marked; the original filing is the authoritative source.

On April 30, 2025, Amcor plc completed its all-stock merger with Berry Global Group, Inc., with Berry becoming a wholly-owned subsidiary of Amcor.

At the effective time, each Berry share converted into 7.25 Amcor ordinary shares. Amcor expects to issue approximately 860 million ordinary shares to former Berry common and vested option holders, with an additional obligation of up to roughly 16 million shares on a fully diluted basis for unvested equity awards. Four Berry directors (Stephen Sterrett, who becomes Deputy Chairman, Jonathan Foster, James Glerum and Jill Rahman) joined Amcor's board, while Arun Nayar, Andrea Bertone and David Szczupak resigned to make room for them.

Jean-Marc Galvez, formerly President of Berry's International consumer packaging division, was named Division President, Global Containers and Closures. Management guidance is the key investor focus. Amcor expects $260 million^a of pre-tax synergies in fiscal 2026 alone to drive roughly 12% adjusted EPS accretion before underlying growth, and targets total pre-tax synergies of about $650 million by the end of fiscal 2028, along with a one-time $280 million working capital cash benefit.

Management projects annual cash flow above $3 billion^b by fiscal 2028 and more than 35% EPS accretion by the end of fiscal 2028. Management also signaled further portfolio refinement is possible. The filing does not include pro forma financial statements, which Amcor intends to file by amendment within 71 calendar days after the 8-K deadline.

Berry's unaudited Q2 fiscal 2025 financials (quarter ended March 29, 2025) are included as Exhibit 99.2. They show net sales of $2.52 billion^c and net income of $193 million for the quarter, and total debt of about $7.0 billion, with $1.5 billion classified as current. Investors should weigh the synergy and accretion targets against integration execution risk, the significant share issuance, and the leverage inherited from Berry.

02—Key points

Key Highlights

Merger closed April 30, 2025: Berry Global became a wholly-owned Amcor subsidiary, with each Berry share converted into 7.25 Amcor ordinary shares.
Share issuance: approximately 860 million Amcor ordinary shares expected for Berry common and vested option holders, plus up to ~16 million more on a fully diluted basis for unvested awards.
Synergy targets: $260 million pre-tax synergies in FY26 (~12% adjusted EPS accretion), building to ~$650 million by end of FY28, plus a $280 million one-time working capital cash benefit.
Cash flow outlook: annual cash flow expected to exceed $3 billion by FY28, supporting reinvestment, M&A and shareholder returns; EPS accretion of 35%+ targeted by end of FY28.
Board changes: Stephen Sterrett (Deputy Chairman), Jonathan Foster, James Glerum Jr. and Jill Rahman joined the board; Arun Nayar, Andrea Bertone and David Szczupak resigned.
Leadership: Jean-Marc Galvez appointed Division President, Global Containers and Closures; Rodrigo Lecot resigned as President but continues leading Rigid Packaging Latin America and North American Beverages.
Pro forma financials not yet filed; Amcor will file them by amendment within 71 calendar days after the 8-K due date. Berry's Q2 FY25 unaudited financials are included as Exhibit 99.2.

03—Questions

Frequently Asked Questions

How many Amcor shares will be issued to former Berry shareholders?
Amcor expects to issue approximately 860 million ordinary shares for Berry common stock and vested options, net of shares withheld for taxes. An additional obligation of up to about 16 million shares (fully diluted, before tax adjustments) covers unvested RSUs, PSUs and options that were converted into Amcor awards.
What synergies and accretion does management expect?
Management expects $260 million of pre-tax synergies in FY26 alone, driving about 12% adjusted EPS accretion before underlying growth. Total pre-tax synergies are targeted at roughly $650 million by the end of FY28, with EPS accretion of 35% or more by then.
What cash generation and capital return capacity does Amcor now expect?
Amcor expects annual cash flow above $3 billion by FY28, including full run-rate synergies and a one-time $280 million working capital benefit. It cites this capacity for organic reinvestment, value-accretive M&A, a growing dividend and share repurchases.
Does the merger change Amcor's board or senior leadership?
Four Berry directors joined the Amcor board, with Stephen Sterrett as Deputy Chairman. Three Amcor directors resigned to create room, and the resignations were stated not to involve any disagreement. Jean-Marc Galvez was named Division President, Global Containers and Closures, under an offer letter with a CHF 880,000 base salary.
What financial information on Berry is available to investors now?
Exhibit 99.2 contains Berry's unaudited financials for the quarter ended March 29, 2025, showing net sales of $2.52 billion and net income of $193 million (including discontinued operations). Total debt was about $7.0 billion, and $1.5 billion of it was classified as current. Pro forma combined financials are not yet included and will be filed by amendment.

04—Continue

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