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Allens/Freehills act on Amcor $1.611 billion capital raising

Allens/Freehills act on Amcor $1.611 billion capital raising

Deal Summary:Amcor Limited has announced a capital raising of approximately $1.611 billion.The raising will take place by way of a non-renounceable, pro-rata entitlement offer to existing…

Deal Summary:

Amcor Limited has announced a capital raising of approximately $1.611 billion.

The raising will take place by way of a non-renounceable, pro-rata entitlement offer to existing institutional and retail securityholders at $4.30 per security.

The proceeds from the raising will provide Amcor with the funds, in conjunction with other committed financing, to undertake the acquisition of the Alcan packaging businesses from Rio Tinto.

Key Players:

The Freehills team is partner Tony Sparks (pictured right), senior associate Daniel Scotti and lawyers Tim Cruickshank and Steven Drummond.

Allens Arthur Robinson advised Amcor.

Commentary:

"We have started to see a change in the rationale for capital raisings in the recent issues that we have been involved in, and we had expected the emergence of raisings to fund M&A activity specifically," Freehills lead partner Tony Sparks said.

"The ability of Amcor to raise equity capital to fund such a significant acquisition is evidence of the health of the Australian equity capital markets. Working for five joint lead managers could have been challenging but the level of cooperation and coordination employed by the underwriters meant that Amcor could execute the capital raising within the timetable required for its acquisition."

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