A robot builds pallets of cardboard boxes at the Smurfit Kappa March corrugated packaging factory.
Bloomberg | Bloomberg | Getty Images
Shares of Dublin-based packaging group Smurfit Kappa plunged 11% at Tuesday’s market open in London after it announced a merger with U.S. peer WestRock.
The companies will form Smurfit WestRock — set to be one of the largest packaging companies in the world — run through a holding company incorporated and domiciled in Ireland.
WestRock shareholders will receive one Smurfit WestRock share and $5 cash, equivalent to $43.51 per share.
This is a developing story and will be updated shortly.
