Sunday, April 14, 2024
HomeBusinessFollowing The Announcement Of The WestRock Merger, Shares Of Packaging Giant Smurfit...

Following The Announcement Of The WestRock Merger, Shares Of Packaging Giant Smurfit Kappa Dropped 10%

Following the announcement that it would merge with American rival WestRock to create an industry behemoth, shares of Dublin-based packaging group Smurfit Kappa fell 10% at Tuesday’s market opening in London.

Smurfit WestRock, one of the biggest packaging companies in the world, will be formed by the businesses and operated through an Irish-incorporated and -domiciled holding company.

In addition to a regular listing on the London Stock Exchange, it will look to list in New York.

stockholders of WestRock will get one Smurfit WestRock share, equal to $43.51 per share, plus $5 cash, and Smurfit Kappa stockholders will receive one new share.

About 50.4% of the new business will be owned by Smurfit Kappa investors.

The purchase is anticipated to be “high single digit accretive” to Smurfit Kappa’s current profits per share and over 20% at the end of the first full year, according to the FTSE 100 company.

Source (CNBC)

- Advertisment -

Most Popular

Google IT Support Professional Certificate

Google Cybersecurity Professional Certificate

Learn to Create a Budget Using a Spreadsheet

Free Certified in Cybersecurity Courses

Recent Comments