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  "documentTitle": "Amcor plc (pro forma Amcor-Berry Global combination) (AMCR)",
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  "authorName": "Ben Axler",
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  "presentationDate": "2020-03-10 00:00:00",
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      "kind": "callout",
      "text": "The fine print now says \"Net\" Cost Synergies",
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      "text": "Slide 14: Significant cost synergy benefits",
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      "text": "Slide 15: Bemis acquisition: Cost synergies",
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      "text": "cost synergies: $180 million",
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      "text": "From the deal onset, Amcor talked about $180 million of cost synergies. The SEC even questioned the Company about its free cash flow representation that included synergies, but excluded costs to achieve them.(1) Recent presentations now include a footnote.",
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      "text": "Now the team at Bemis and Amcor have worked together to identify and evaluate the cost synergies... we're confident in being able to generate $180 million in cost synergies.",
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      "text": "\"Now the team at Bemis and Amcor have worked together to identify and evaluate the cost synergies related to this combination and on slide 14 we've laid out some of the details related to those synergies. Based on this work together we're confident in being able to generate $180 million in cost synergies.\" — CEO Ron Delia, Aug 6, 2018",
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      "text": "Source: Amcor/Bemis Deal Presentation (Aug 2018) 1. SEC Comment Letter: March 6, 2019",
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      "text": "Were Synergies Misrepresented?",
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