Smurfit Kappa shares jumped as much as 4.7 per cent in Dublin on Wednesday on news the enlarged group being formed from its merger with US cardboard box-making peer WestRock is on track to be included in S&P Dow Jones indices after the deal goes through next month.S&P Dow Jones said that for index implementation purposes WestRock will be considered the surviving merged entity as the two companies come together in a $25 billion-plus deal to form Smurfit WestRock.
Analysts, including Brian Morgan and Morgan Stanley, said news of Smurfit WestRock’s inclusion in S&P indices has come sooner than expected.CRH, the former long-standing biggest company on the Iseq in Dublin, quit the Irish market last September and moved it main listing from London to New York in an effort to join the S&P 500.
Shareholders in Smurfit Kappa and WestRock approved the imminent tie-up at separate meetings last Thursday in Dublin and Atlanta, Georgia. The WestRock deal is essentially a takeover by Smurfit Kappa that will see its shareholders own 50.4 per cent of the enlarged group, which will remain headquartered in Dublin. Smurfit Kappa chief executive Tony Smurfit and its chief financial officer, Ken Bowles, will run the new group.
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