Amcor is about to announce a massive takeover deal

Cole Bennetts/Getty Images

Packaging company Amcor has gone into a trading halt as it prepares to announce a major acquisition.

The company says the acquisition is an “all stock” deal but didn’t give further details.

However, reports say Amcor is finalising a $7 billion buyout of US-based rival Bemis Company, a plastics packaging group.

“The acquisition will deliver a major step forward in Amcor’s global ambitions, with the transaction understood to be structured as an all-scrip deal which is set to result in a US listing for Amcor,” says the Australian Financial review.

In February, Amcor posted a 3.7% lift in profit after tax to $US329.7 million.

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.