Get the app today! Download iPhone App Download Android App

Smurfit Kappa Reaffirms Guidance After International Paper Drops Bid

Published on Jun 6 2018 10:29 AM in Packaging And Design tagged: Trending Posts / Smurfit Kappa / DS Smith / Paywall / International Paper

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.

please subscribe or sign in to continue reading

image description

Try European Supermarket Magazine PREMIUM – 30 Day FREE Trial.

A trial subscription gives unrestricted access to all premium site content, app content, weekly email content and European Supermarket Magazine digital edition for a full 30 days. Try it now!

Share on Facebook Share on Twitter Share on Google+ Share on LinkedIn Share on Tumblr Share via Email