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

  • 📰 Reuters
  • ⏱ Reading Time:
  • 32 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 16%
  • Publisher: 97%

United States News News

United States United States Latest News,United States United States Headlines

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.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 2. in US
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Packaging giant Smurfit Kappa's shares fall 11% after WestRock merger announcementThe companies will form Smurfit WestRock — set to be one of the largest packaging companies in the world.
Source: nbcchicago - 🏆 545. / 51 Read more »

$20 Billion Paper Powerhouse to Be Formed by MergerSmurfit Kappa and WestRock said they reached a deal to merge. Tony Smurfit will be CEO of the combined company.
Source: WSJ - 🏆 98. / 63 Read more »

Fast-food companies pull referendum, agree to $20 minimum wageThe agreement also eliminates a controversial proposal that would have held fast food corporations legally responsible for harassment, wage theft or labor violations that occur at franchise locatio…
Source: ladailynews - 🏆 332. / 59 Read more »