{ "docId": "019dd923-622c-750b-8b98-eaae8b08698d", "docSlug": "c665ec3b53b5", "documentTitle": "Amcor plc (pro forma Amcor-Berry Global combination) (AMCR)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-03-10 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 55, "pageCount": 95, "prevPage": 54, "nextPage": 56, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "dense", "nDataPoints": 0, "notes": "Uses a 'CEO quote vs reality' structure to highlight management credibility failure.", "elementsJson": [ "headline_text", "paragraph", "callout_box", "quote_block", "screenshot" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b98-eaae8b08698d/55", "deckHref": "/decks/019dd923-622c-750b-8b98-eaae8b08698d", "deckJsonHref": "/decks/019dd923-622c-750b-8b98-eaae8b08698d.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-eaae8b08698d#slide-55", "components": [ { "bbox": null, "kind": "callout", "text": "Amcor's CEO assured investors it received \"good advice\" and it didn't expect any issues from a regulatory perspective from the transaction. Unfortunately, both the European Commission and The U.S. Department of Justice (DOJ) disagreed, and required Amcor to divest assets.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-2b65-734e-a983-4b8af726ed04", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.18 }, "kind": "paragraph", "text": "Amcor's CEO assured investors it received \"good advice\" and it didn't expect any issues from a regulatory perspective from the transaction. Unfortunately, both the European Commission and The U.S. Department of Justice (DOJ) disagreed, and required Amcor to divest assets.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "1e716d95-0b7e-4d47-b664-41e075a77c3f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.15, "x": 0.53, "y": 0.6 }, "kind": "paragraph", "text": "The Reality: The U.S. DOJ Brought Civil Charges And Required Divestment of Three Facilities", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "bcf16526-93d1-4e61-85cd-ecea64edd75d", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.15, "x": 0.05, "y": 0.6 }, "kind": "paragraph", "text": "The Reality: The EC Required Divestment of Three Bemis Plants In The UK And Ireland", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "df761b66-fc12-4739-ba36-ae265fdfe2ce", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.17, "y": 0.31 }, "kind": "quote", "text": "\"Do you expect any competition concerns out of any regions? And I think probably allude to Latin America more than the other regions. But do you expect to have to divest any assets in the case of any regulator issues?\"", "attrs": null, "subkind": "pull-quote", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "44036928-5208-4a52-8d8b-385d95b06547", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.17, "y": 0.43 }, "kind": "quote", "text": "\"No. Short answer is no. We've got a lot of experience navigating through all of that. We got good advice, good advisors and we don't expect any issues there.\"", "attrs": null, "subkind": "pull-quote", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "69143758-4cb2-4ef3-8bf0-02cc84acdd4e", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "\"Do you expect any competition concerns out of any regions? And I think probably allude to Latin America more than the other regions. But do you expect to have to divest any assets in the case of any regulator issues?\" — Owen Birrell, Analyst, Goldman Sachs. \"No. Short answer is no. We've got a lot of experience navigating through all of that. We got good advice, good advisors and we don't expect any issues there.\" — CEO Response.", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-2b65-734e-a983-4e5683cb5e90", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.4, "x": 0.31, "y": 0.05 }, "kind": "title", "text": "Failed Promise: Regulatory Matters", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "5f44c29e-7d5d-4d1f-8182-db797560437d", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "ceo-quote-contradiction", "slug": null, "matchId": "b3d9a2e0-6c85-41ed-b76d-fdbe4a1f867a", "evidence": "Direct juxtaposition of CEO statement with subsequent regulatory actions.", "confidence": 1 } ], "arcBeats": [], "loops": [ { "to": 59, "from": 52, "name": "Quick Win Big Bet", "slug": "47-quick-win-big-bet", "bestFor": "Transformation planning, 100-day plans, resource allocation", "matchId": "53c07a7b-0b0c-4f14-baa7-c199804d850d", "evidence": "The deck presents benchmarking analysis to argue that Amcor's synergies are suspect.", "position": 2, "objective": "To argue that investing in Amcor is not a great thesis", "structure": "The Full List -> Quick Wins (Low effort, High impact) -> Big Bets (High effort, High impact) -> Sequenced Roadmap", "confidence": 0.6, "description": "Separate initiatives into immediate wins and longer-term strategic bets" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }