Media reports over the weekend suggested that US-based packaging company International Paper is exploring a possible takeover bid of over €8.1bn for Irish packaging giant, Smurfit Kappa.
British news station, Sky News quoted an unnamed source as saying International Paper was considering an offer at around €36 per share if it goes ahead and makes a proposal.
Sky News also reported that International Paper has hired Deutsche Bank to help with the bid.
However, the Irish Times reports today that, according to sources with knowledge of the matter, Smurfit Kappa has not been approached by International Paper, and that the company directors have expressed frustration over the media speculation.
Similarly, a spokesperson for International Paper simply said it did not comment of “speculation and rumour”, while another for Smurfit Kappa said it had no comment to make.
© 2015 - Checkout Magazine by Jenny Whelan.