Irial Finan, Chairman of Smurfit Kappa, has indicated to stockholders that an overwhelming majority of investors have expressed support for the company’s proposed merger with its American counterpart, WestRock, pegged at over $25 billion (about €23 billion). The merger needed the green light from investors possessing a minimum of 75 per cent of the stock value of the Irish cardboard box-manufacturing group. Investors holding greater than the necessary 75 per cent have cast their votes, with 99 per cent in favour of the merger, as revealed by Finan at a special general assembly held on Thursday.
The final determination on a range of actions pertaining to the deal will be made public later on the same day. The formation of Smurfit WestRock was broadcasted last September, set to become the largest global manufacturer of cardboard boxes with an annual intake of around $34 billion. If everything goes according to plan, the transaction will be finalized on July 5th. This will result in the newly enlarged group, Smurfit WestRock, abandoning its quotation on the Irish stock market and transferring its main London listing to New York.
The last day for trading shares in Dublin is slated for July 2nd, after the close of business operations. A shareholder meeting will also be hosted by WestRock pertaining to the merger on Thursday.