Ownership drama unravels further: post-acquisition, Smurfit Kappa’s faithful will hold 50.4% of Smurfit WestRock, while WestRock enthusiasts will possess 49.6%. This new empire’s board is to feature a blend of six from WestRock’s cadre and eight Smurfit Kappa stalwarts.
Listing and Expansion
The merged entity promises a dazzling appearance on the New York Stock Exchange and the standard wing of London Stock Exchange’s main market. Their combined annual financial might? A staggering $34 billion as of June 2023.
In a burst of optimism, Irial Finan, the chairperson of Smurfit Kappa, expressed, “The merger is a herald of a world-leading, sustainable packaging giant, merging unmatched expertise with an expansive product range and cutting-edge innovation.”
Regulatory Gauntlet
As thrilling as this merger saga is, it isn’t devoid of challenges. The acquisition mechanism, an Irish scheme of arrangement, requires the Irish High Court’s nod. In a perplexing U.K. twist, this deal is viewed as a reverse takeover, mandating Smurfit Kappa’s shareholders’ blessing.
