Smurfit Kappa Group confirms that the boards of directors of Smurfit Kappa and WestRock Company are discussing the key terms of a potential combination to create Smurfit WestRock, a global leader in sustainable packaging. The Potential Combination would be expected to involve the creation of a new holding company, Smurfit WestRock. Smurfit WestRock would be incorporated and domiciled in Ireland with global headquarters in Dublin, Ireland and North and South American operations headquartered in Atlanta, Georgia. The Potential Combination would be effected through an Irish scheme of arrangement involving Smurfit Kappa and a merger of a subsidiary with WestRock. Any such combination would result in WestRock shareholders receiving consideration consisting primarily of shares of the Combined Group.
Stora Enso has completed the divestment announced on 26 July 2017 of its 35% holding in the equity accounted investment Bulleh Shah Packaging (Private) Ltd. in Pakistan to the main owner Packages Ltd.
The total cash consideration for the divestment of the shares is EUR 6 million. The loss on disposal amounts in total to approximately EUR 19 million and it will be recorded as an item affecting comparability in Stora Enso’s third quarter 2017 results.
With this transaction, Packages Ltd. achieves full ownership of Bulleh Shah Packaging.