Google has suspended business activity involving the transfer of hardware, software and key technical services with Huawei. Analysts say that could be a big blow to the...Technologyread more
Global dividends reached a first-quarter record of $263.3 billion, rising 7.8% despite concerns about the world economy, according to new reach Monday.Marketsread more
Huawei Technologies will immediately lose access to updates to the Android operating system, a source close the matter told Reuters.Technologyread more
Huawei claims it has developed its own operating system for smartphones and laptops for "extenuating circumstances."Technologyread more
Current geopolitical tensions are making it harder and harder for oil-producing nations to make decisions that will help stabilize crude prices, Russian Energy Minister...Oilread more
Oil prices jumped on Monday after Saudi Energy Minister Khalid al-Falih indicated there was a consensus among OPEC and allied oil producers to continue limiting supply.Energyread more
Bank, property and healthcare stocks jumped, pushing Australian markets to a 11-year high, as Scott Morrison and the Liberal-led conservation government are poised for a...World Marketsread more
Trump's threat, posted on Twitter, comes amid rising international tensions in the Middle East as the U.S. has dispatched a carrier strike group and bomber task force to the...Politicsread more
Trade tensions between the U.S. and China stalled a global recovery and are continuing to endanger investment and growth, the secretary general of the OECD warned Monday.World Economyread more
Prime Minister Narendra Modi and his Bharatiya Janata Party are set to form the new government again, exit polls from India's month-long parliamentary elections show. But past...Electionsread more
The latest crisis in the uneasy French-German relationship was accelerated by Trump's decision to stop Germany's comfortable and decades-old free-riding on trade and security...Europe Politicsread more
Packaging company Amcor will absorb U.S. rival Bemis in a $5.25 billion all-stock deal, the Australian company announced Monday.
"We will establish a listing on the New York Stock Exchange with a market capitalization of about $17 billion," Amcor CEO Ron Delia told CNBC about the deal.
The deal will give Amcor deeper access to the rigid-plastic packaging business in North America. That segment of Amcor's business represented about 32 percent its sales before the deal, focused in Europe and Asia.
Amcor will issue 5.1 of its shares for each Bemis share, valuing the stock at $57.75 per share, and Bemis shareholders will end up with 29 percent of the combined company. The transaction is subject to approval by regulators and shareholders of both firms, which expect it to be completed in the first quarter of 2019. Packaging firms are jostling to buy growth with acquisitions and Delia emphasized Amcor's ability to still keep its checkbook open.
"With this structure of the deal, the company will continue to have an investment grade balance sheet," Delia said. "It's the right time in the cycle to be using stock."
Delia did not say if any jobs would be cut as a result of the acquisition, instead calling the deal "overwhelmingly about adding capability and talent."
Activist investor Starboard Value had four directors added to the Bemis board of directors in March. None of those Starboard-related directors will join the combined Amcor board after the deal, Delia said.
– Reuters contributed to this report.