Sustainable packaging company Smurfit Kappa has announced that its merger agreement with folding carton maker Westrock has come into effect.
This means that Smurfit Kappa shares have been removed from the premium segment of the Financial Conduct Authority’s official list and the Euronext Dublin official list.
The delisting comes after Westrock shareholders approved the proposed merger with Smurfit Kappa last month.
The companies initially entered into a merger agreement in September last year, resulting in the creation of a new entity, Smurfit Westrock.
Smurfit Westrock has now moved to the New York Stock Exchange (NYSE) and has also begun trading on the London Stock Exchange’s main market for listed securities.
Smurfit Kappa shareholders own approximately 50.4% and Westrock shareholders own the remaining 49.6% of the entity.
At the time of the merger announcement, Tony Smurfit, CEO of Smurfit Kappa, said: “This incredibly exciting coming together of our two great businesses is a defining moment in the global packaging industry.
“Smurfit Westrock will be the packaging partner of choice for customers, employees and shareholders. We will have best-in-class assets, a unique global footprint in paper and corrugated, a superb consumer and specialty packaging business, significant synergies and enhanced scale to create value in the short, medium and long term.”
For the first quarter of fiscal year 2024, the Smurfit Kappa Group achieved sales of €2.7 billion ($2.8 billion).
“Smurfit Kappa Announces Effectiveness of Merger Agreement with Westrock” was originally created and published by Packaging Gateway, a brand owned by GlobalData.
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