Amcor Ltd. said the Federal Court of Australia has approved the scheme of arrangement to create new holding company Amcor PLC in order for the Australian packaging company's combination with U.S. rival Bemis Co. Inc. to take effect.
The scheme of arrangement, which was approved by both companies' shareholders in May, will be implemented June 11.
Amcor has filed for the suspension of its shares from trading on the Australian Securities Exchange from close of trading June 4. CHESS Depositary Interests in Amcor PLC are expected to begin trading on the Australian exchange from June 5 on a deferred settlement basis and will commence trading on a normal settlement basis June 12.
Amcor PLC will be mainly listed on the New York Stock Exchange under the ticker AMCR. The combined company will be considered U.S.-domiciled for index purposes and will join the S&P 500 index, replacing Mattel Inc., which will drop down to the S&P MidCap 400 index, according to S&P Dow Jones Indices.
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