Smurfit WestRock would be incorporated and domiciled in Ireland with global headquarters in Dublin, Ireland, while North and South American operations will be headquartered in Atlanta, GA. It will seek a New York listing with a standard listing on the London Stock Exchange. “Smurfit WestRock is going to conquer the world of sustainable, paper-based packaging,” said CEO Tony Smurfit before ringing the NYSE’s opening bell.
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These 10 simple stocks can help beginning investors build long-term wealth without knowing options, technicals, or other advanced strategies. New Rank-Based ScoringMarketRank™ is calculated by averaging available category scores (with extra weight given to analysis and valuation), then ranking the company’s weighted average against that of other companies. “Smurfit Kappa announces merger deal with Westrock to take effect” was originally created and published by Packaging Gateway, a GlobalData owned brand. Smurfit Kappa shareholders own approximately 50.4% and Westrock shareholders hold the remaining 49.6% of the entity. The companies initially entered into an agreement for the merger in September last year, resulting in the establishment of a new entity, Smurfit Westrock. This implies that Smurfit Kappa’s shares have been delisted from the premium segment of the Financial Conduct Authority’s official list and the official list of Euronext Dublin.
Questions remain after FDA says market phase-out complete for PFAS in paper food packaging material
- Steve Voorhees has an approval rating of 74% among the company’s employees.
- London-based DS Smith in April agreed to be acquired by International Paper, after thwarting a proposed offer from Mondi.
- Smurfit WestRock has published a prospectus which has been approved by the FCA and will be made available in accordance with Rule 3.2 of the UK Prospectus Regulation Rules (the “UK Listing Prospectus”).
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Smurfit WestRock executives rang the opening bell at the NYSE on Monday, their first full business day as the new company. During Tuesday’s earnings call, Musk announced Tesla’s Robotaxi rollout has been delayed to October 10th, months after the initial reveal date in early August. Musk also failed to give a clear timeline on regulatory approval, but said he would be “shocked” if the first Robotaxi ride can’t happen next year. Per the agreement, WestRock shareholders will receive one Smurfit WestRock share and $5 cash. This is equivalent to $43.51 per share, the closing share price of Smurfit Kappa’s shares on Sep 11, 2023. SMFKY will own approximately 50.4% of Smurfit WestRock and the balance 49.6% will be held by WRK.
Smurfit WestRock plc (SW)
Packaging company WestRock’s (WRK) shares soared by almost 7% in pre-market trading on Tuesday after a merger announcement with Dublin-based Smurfit Kappa to create the world’s largest listed paper and packaging company by revenue. WestRock Company WRK announced that its shareholders have approved its pending merger with Smurfit Kappa Group Plc SMFKY at a special shareholder meeting. This comes just after the news that Smurfit Kappa’s shareholders have also voted in favor of the tie-up.
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Transactions with related persons (as defined under Paragraph 24 of the International Accounting Standards) are disclosed in the subsection entitled “Related Party Transactions” to the section entitled “Notes to the Consolidated Financial Statements,” on page 223 of the Smurfit Kappa 2023 Annual Report (and available here). Information about the beneficial ownership of Smurfit Kappa’s securities by Smurfit Kappa’s directors and executive officers is set forth in the section entitled “Executive Directors’ Interests in Share Capital at 31 December 2023,” on page 147 of the Smurfit Kappa 2023 Annual Report (and available here). Additional information regarding the interests of such potential participants in the solicitation of proxies in connection with the Combination will be included in the Proxy Statement and other relevant materials filed with the SEC when they become available. The combination of International Paper and DS Smith will establish a global leader in sustainable packaging solutions that is well-positioned in attractive and growing markets.Per reports, Suzano, the world’s largest pulp producer, had expressed verbal interest in an all-cash acquisition of International Paper for around $15 billion, contingent upon the company abandoning its deal with DS Smith. Suzano, meanwhile, is in talks with potential lenders to enhance the terms of the transaction. Smurfit Kappa has published a shareholder circular (the “Shareholder Circular”) which has been approved by the UK Financial Conduct Authority (the “FCA”) and will be sent to Smurfit Kappa’s shareholders or otherwise made available in accordance with Smurfit Kappa’s articles of association and the UK Listing Rules.
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In a Wednesday note, Bank of America lowered its price target from $260 to $255, citing Tesla’s lower gross margins, but says the company “still has a number of catalysts ahead that could help drive the stock.” “The mojo is back at Tesla,” Ives posted on X, reiterating Wedbush’s $300 price target for the stock, representing a potential gain of about 36% from where the stock was trading midmorning on Wednesday. On a per-share basis, the Atlanta-based company said it had net income https://www.1investing.in/ of 51 cents. Neither this Microsite, its contents, nor any copy of these may be taken or transmitted directly or indirectly into or from any jurisdiction where to do so would constitute a violation of the relevant laws or regulations of such jurisdiction, or would result in a requirement to comply with any consent or other formality which Smurfit Kappa regards as unduly onerous. Any failure to comply with this restriction may constitute a violation of such laws or regulations.
© 2024 Market data provided is at least 10-minutes delayed and hosted by Barchart Solutions. Information is provided ‘as-is’ and solely for informational purposes, not for trading purposes or advice, and is delayed. To see all exchange delays and terms of use please see Barchart’s disclaimer. 370 employees have rated WestRock Chief Executive Officer Steve Voorhees on Glassdoor.com. Steve Voorhees has an approval rating of 74% among the company’s employees. 60.0% of employees surveyed would recommend working at WestRock to a friend.
Information about the expected beneficial ownership of Smurfit WestRock securities by the individuals who are expected to be executive officers and directors of Smurfit WestRock at Completion is set forth in the section entitled “Security Ownership of Certain Beneficial Holders, Directors and Management of Smurfit WestRock” beginning on page 279 of each of the US Prospectus (available here and the Proxy Statement (available here). Following the receipt of approval of shareholders of both WestRock and Smurfit Kappa, the deal now remains subject to other customary can artificial intelligence replace human intelligence closing conditions. Initial discussions about a Smurfit WestRock business combination date back to June 2019. Rounds of back-and-forth occurred for years, in addition to an offer from a private equity firm to purchase WestRock and a re-exploration of 2016 discussions regarding a transaction with another paper and packaging manufacturer. International Paper made a play for Smurfit Kappa twice in 2018, but the latter company rejected the proposals. Smurfit WestRock shares began trading on the New York Stock Exchange July 8; shares also began trading on the LSE.
The company produces containerboard that it converts into corrugated containers or sells to third parties, as well as produces other types of paper, such as consumer packaging board, sack paper, graphic paper, solid board and graphic board, and other paper-based packaging products, such as consumer packaging, solid board packaging, paper sacks, and other packaging products, including bag-in-box. Information about the compensation of WestRock’s directors is set forth in the section entitled “Director Compensation” starting on page 19 of WestRock’s proxy statement on Schedule 14A filed with the SEC on December 13, 2023 (and available here) and on WestRock’s current report on Form 8-K filed with the SEC on December 15, 2023 (and available here). Information about the compensation of WestRock’s executive officers is set forth in the section entitled “Executive Compensation Tables” starting on page 38 of WestRock’s proxy statement on Schedule 14A filed with the SEC on December 13, 2023 (and available here). Transactions with related persons (as defined in Item 404 of Regulation S-K promulgated under the US Securities Act) are disclosed in the section entitled “Certain Relationships and Related Person Transactions” on page 20 of WestRock’s proxy statement on Schedule 14A filed with the SEC on December 13, 2023 (and available here). Information about the beneficial ownership of WestRock’s securities by WestRock’s directors and named executive officers is set forth in the section entitled “Security Ownership of Certain Beneficial Holders, Directors and Management of WestRock” starting on page 277 of each of the US Prospectus (and available here) and the Proxy Statement (and available here). As of April 22, 2024, none of the participants (within the meaning of Rule 13d-3 under the Securities Exchange Act of 1934, as amended) owned more than 1% of shares of common stock, par value $0.01 per share, of WestRock.
Samuel Shoemaker, WestRock’s president of consumer packaging, and Tom Stigers, WestRock’s president of mill operations, were also cited in securities filings as moving over to the new company. No offering of securities by Smurfit WestRock shall be made in the United States except by means of a prospectus meeting the requirements of Section 10 of the US Securities Act. Both WRK and SMFKY are significant players in the Paper and Related Products industry. Increasing packaging requirements, due to a rising trend in e-commerce activities and steady demand from consumer-oriented end markets, such as food and beverages, and healthcare, are envisioned to support the industry.
Smurfit WestRock will have an unmatched geographic reach spanning 42 countries. Given this scale, and equipped with WRK and SMFKY’s highly complementary portfolios and innovative sustainability capabilities, the merged entity is likely to be the preferred packaging partner for companies and customers across the globe. According to 4 analysts, the average rating for SW stock is “Hold.” The 12-month stock price forecast is $55.75, which is an increase of 19.28% from the latest price.
