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Smurfit Kappa, WestRock agree merger to create $20 bln packaging giant

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Europe's largest paper and packaging producer Smurfit Kappa and U.S. rival WestRock agreed to merge on Tuesday to create the world's largest listed paper and packaging company worth nearly $20 billion

agreed to merge on Tuesday to create the world's largest listed paper and packaging company worth nearly $20 billion

Shares in Ireland's Smurfit Kappa fell 8% in early trade to 32.9 euros, having also dropped last week when said that it was inAnalysts at JP Morgan and Jeffries said the 36% premium being paid to WestRock's $31.88 Sept. 6 closing price was higher than most Smurfit investors were hoping for. JP Morgan said most investors it had spoken to had assumed a 15%-20% premium.

The companies' had a combined adjusted core profit of $5.5 billion and revenue of about $34 billion for the year ended June 30, which would make Smurfit WestRock the largest listed global packaging group by revenue, the statement said.

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