WestRock shareholders approve Smurfit Kappa merger

Late last week, shareholders of Atlanta-based paper and packaging company WestRock voted to approve the company’s proposed merger with Irish company Smurfit Kappa, taking a step closer to combining two of the biggest players in the industry.

The preliminary vote took place June 13 at WestRock’s Special Meeting of Stockholders. According to a report from The Irish Times, Smurfit Kappa shareholders voted nearly 99 percent in favor of the merger at its own extraordinary general meeting June 13.

The report indicates the $11.2 billion transaction is on track to close July 5, creating what will then be known as Smurfit WestRock.

“We believe that all shareholders will benefit through ownership of a world-leading sustainable packaging business, the combination of two of the industry’s most experienced teams with a proved track record of delivery and a diverse product portfolio and compelling innovation offering,” current Smurfit Kappa Chair Irial Finan said when the proposed merger was announced in September 2023.

While completion of the merger still remains subject to certain conditions, WestRock common stockholders are set to receive one share of the new Smurfit WestRock and $5 in cash for each of their WestRock shares.

Smurfit Kappa shareholders will possess approximately 50.4 percent of Smurfit WestRock, while WestRock shareholders will possess the remaining 49.6 percent.

“We look forward to working with Smurfit Kappa to build a leading global platform that harnesses the strength of WestRock’s consumer portfolio, presents a truly comprehensive offering of packaging solutions for customers and delivers meaningful value to our shareholders today and into the future,” WestRock CEO David Sewell said in September.

Documents relating to the proposed Smurfit Kappa and WestRock merger can be found here.