Packaging giant Smurfit Kappa’s shares fall 11% after WestRock merger announcement

Shares of Dublin-based packaging group Smurfit Kappa plunged 11% at Tuesday’s market open in London after it announced a merger with U.S. peer WestRock.

The companies will form Smurfit WestRock — set to be one of the largest packaging companies in the world — run through a holding company incorporated and domiciled in Ireland.

WestRock shareholders will receive one Smurfit WestRock share and $5 cash, equivalent to $43.51 per share.

This is a developing story and will be updated shortly.