Smurfit Kappa Shares Drop 11% on Merger with WestRock to Form Packaging Giant Smurfit WestRock

Shares of Smurfit Kappa fell 11% after announcing merger with WestRock
Companies will form Smurfit WestRock, one of world's largest packaging firms
WestRock shareholders get 1 Smurfit WestRock share and $5 cash per share
Smurfit Kappa CEO says merger gives access to US market, will reward shareholders
Smurfit will lead combined company, which will seek NYSE listing and London listing

cnbc.com

Relevant topic timeline:

9/7/2023

Smurfit Kappa in talks with WestRock to create paper and packaging giant

Smurfit Kappa is in discussions to merge with U.S. rival WestRock, creating one of the world's largest paper and packaging producers with a combined market capital of around $19 billion and potential annual cost savings of over $400 million.

9/7/2023

Stocks making the biggest moves midday: ChargePoint Holdings, Seagate Technology, C3.ai and more

WestRock stock gains 5% as the company nears a merger with Smurfit Kappa, while GameStop shares dip despite strong quarterly revenue. Semiconductor stocks slide, Apple drops over China restrictions, and ChargePoint Holdings misses revenue estimates.

9/7/2023

Atlanta-based packaging giant WestRock nears $20B merger

WestRock, a large Atlanta-based company, is nearing a merger with Dublin-based Smurfit Kappa to create a $20 billion paper and packaging company with global headquarters in Dublin and operational headquarters in Atlanta.

9/12/2023

Tech Stocks Drop as Oracle Cloud Sales Slow; UK Inflation Worries Weigh on Euro and Pound

Tech stocks retreated as Oracle posted slowing cloud sales, while the euro and pound weakened due to concerns over stagflation in Europe. Smurfit Kappa Group plunged after announcing a deal with WestRock Co., and investor confidence in Germany's economy improved. US inflation data and the European Central Bank's interest-rate decision are upcoming events.

9/12/2023

Stocks Mixed After Earnings: Oracle Slumps, WestRock Gains on Merger, Apple Dips Before Event

Oracle shares dipped 13.5% after disappointing earnings and revenue guidance, while WestRock rose 2.8% following news of a merger with Smurfit Kappa, and Apple shares fell 1.8% ahead of the launch event for its new iPhone.

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Posted 9/12/2023, 6:48:04 AM

Smurfit Kappa Shares Drop 11% on Merger with WestRock to Form Packaging Giant Smurfit WestRock

Shares of Smurfit Kappa fell 11% after announcing merger with WestRock
Companies will form Smurfit WestRock, one of world's largest packaging firms
WestRock shareholders get 1 Smurfit WestRock share and $5 cash per share
Smurfit Kappa CEO says merger gives access to US market, will reward shareholders
Smurfit will lead combined company, which will seek NYSE listing and London listing

cnbc.com

Relevant topic timeline:

9/7/2023

Smurfit Kappa in talks with WestRock to create paper and packaging giant

9/7/2023

Stocks making the biggest moves midday: ChargePoint Holdings, Seagate Technology, C3.ai and more

9/7/2023

Atlanta-based packaging giant WestRock nears $20B merger

9/12/2023

Tech Stocks Drop as Oracle Cloud Sales Slow; UK Inflation Worries Weigh on Euro and Pound

9/12/2023

Stocks Mixed After Earnings: Oracle Slumps, WestRock Gains on Merger, Apple Dips Before Event