Smurfit Kappa, a sustainable packaging company, has announced that its merger deal has taken effect with folding paperboard box manufacturer Westrock.
This implies that Smurfit Kappa’s shares have been delisted from the premium segment of the Financial Conduct Authority’s official list and the official list of Euronext Dublin.
The delisting comes after the shareholders of Westrock gave their approval for the proposed merger with Smurfit Kappa last month.
The companies initially entered into an agreement for the merger in September last year, resulting in the establishment of a new entity, Smurfit Westrock.
Smurfit Westrock has now switched to the New York Stock Exchange (NYSE) and has also started trading on the London Stock Exchange’s main market for listed securities.
Smurfit Kappa shareholders own approximately 50.4% and Westrock shareholders hold the remaining 49.6% of the entity.
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By GlobalData
At the time of announcing the merger, Smurfit Kappa CEO Tony Smurfit said: “This incredibly exciting coming together of our two great companies is a defining moment within the global packaging industry.
“Smurfit Westrock will be the ‘go-to’ packaging partner of choice for customers, employees and shareholders. We will have the leading assets, a unique global footprint in both paper and corrugated, a superb consumer and speciality packaging business, significant synergies, and enhanced scale to deliver value in the short, medium and long term.”
For the first quarter of financial year 2024, Smurfit Kappa Group reported revenues of €2.7bn ($2.8bn).
