Smurfit Kappa Reaffirms Guidance After International Paper Drops Bid
Smurfit Kappa reaffirmed its guidance on Wednesday that its full-year earnings will be materially better than last year, after rival International Paper (IP) decided to end its pursuit of the Irish packaging company.
Smurfit twice frustrated a bid to combine the largest listed US paper packaging firm with Europe's biggest, arguing that it was better served pursuing its future independently. IP's second, raised offer valued the Irish group at €8.9 billion ($10.5 billion).
IP walked away on Tuesday, blaming a lack of engagement from Smurfit's management. Under Irish takeover rules, the Memphis-based group is barred from making a fresh attempt to buy Smurfit for 12 months.
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