Amcor is based in Switzerland. The deal values Berry's stock shares at USD 73.59 each. Like Berry, Amcor makes "cartons, closures and containers for food, beverage, pharmaceutical, medical, home and personal-care, and will have a joint footprint across more than 140 countries," according to a report published by Reuters.

The two groups said the definitive merger agreement had gained unanimous approval from the boards of directors at both companies.

This will result in Amcor and Berry shareholders owning approximately 63% and 37% of the combined company, respectively.

The Berry Global Group employs in excess of 40,000 people and has more than 240 facilities around the world.

Following the spin-off of its Health, Hygiene and Specialties Global Nonwovens and Films (HHNF) business it has centred its offering around consumer-focused packaging.

The two firms cited a number of “compelling strategic benefits”, including a global product offering in flexibles, containers and closures; and bringing together two complementary healthcare businesses.

As reported in the business press, the combined revenues will be around USD 24bn, with expected cost benefits and financial savings of USD 650m by the end of year three.

The combined entity will be renamed Amcor PLC, with the global head office in Switzerland.

Amcor had sales of USD 13.64bn in its most recent financial year. Berry Global Group had sales of USD 12.3bn.