After performing a head-to-head analysis, Citi analyst Anthony Pettinari calls Berry Global (BERY) his top pick in plastic packaging over Sealed Air (SEE) and Bemis (BMS). The analyst believes Berry's free cash flow and deleveraging story "has legs." He also sees second half of 2017 catalysts for Buy-rated Sealed Air. Pettinari keeps a Neutral rating on Bemis despite the stock's year-to-date underperformance.

Berry Global (BERY) and Glatfelter (GLT) announced the achievement of a regulatory milestone in the proposed transaction involving the combination of a majority of Berry's Health, Hygiene and Specialties segment to include its Global Nonwovens and Films business, or HHNF, with Glatfelter, with the expiration of the required waiting period under the Hart-Scott-Rodino, or HSR, Antitrust Improvements Act. As previously announced on February 7, Berry and Glatfelter entered into a definitive agreement under which Berry will spin-off and merge its HHNF business with Glatfelter in a Reverse Morris Trust transaction. The transaction will create a leading, publicly-traded company in the specialty materials industry. The transaction is expected to close in the second half of calendar 2024 and is subject to approval by Glatfelter shareholders and completion of customary closing conditions.