The combined entity would be named Smurfit WestRock and domiciled in Ireland with its global headquarters in Dublin, Smurfit said in a statement. WestRock shareholders would receive shares in the combined group, Smurfit Kappa said. Smurfit, which operates in 22 European countries and 13 in South, Central and North America, is Europe's largest paper and packaging producer. WestRock is the second largest packaging company in the U.S.At current market prices, the combined market capital of the two firms would be around $19 billion. The merger, which was first reported by The Wall Street Journal, would be effected though an Irish scheme of arrangement involving Smurfit Kappa and a merger of a subsidiary with WestRock, Smurfit said.

Source: Wall Street Journal September 07, 2023 13:48 UTC