Smurfit Kappa shares drifted down on their last day of trading on the Irish stock market on Tuesday, ahead of the group’s planned $24 billion merger with US-based WestRock on Friday to create the world’s largest paper packaging giant.on their last day of trading on the Irish stock market on Tuesday, ahead of the group’s planned $24 billion merger with US-based WestRock on Friday to create the world’s largest paper packaging giant.
The Irish cardboard box-making giant received clearance from the High Court in Dublin earlier in the day to proceed with what is essentially a takeover of WestRock, through a so-called scheme of arrangement. Shares in the company were 1.9 per cent lower at lunchtime, giving it a market value of €10.7 billion. Still, they remain up 33.7 per cent over the past 12 months.
Smurfit Kappa shareholders will own 50.4 per cent of the enlarged group, which will be known as Smurfit WestRock as the deal closes a 5pm New York time on Friday.The group will move its primary stock market listing from London to the New York Stock Exchange next Monday. It will remain headquartered in Dublin and be led by Smurfit Kappa’s current chief executive, Tony Smurfit, and its chief financial officer, Ken Bowles.
The Irish delisting will end Smurfit Kappa’s association with the Dublin market that stretches back to 1964, albeit with a gap in the in the 2000′s when the company was owned by private equity investors.NTMA has €27bn of cash and liquid assets on hand at end JuneMichael McGrath: ‘Nothing is ever as it seems.
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