Jefferson Smurfit Group confirms approach from third party

The Jefferson Smurfit Group is confirming that is has received an approach from a third party, amid increasing speculation that it may be bought out.

The multi-national packaging firm, which has operations in the US, Asia and Latin America, says discussions are underway and may lead to an offer for part or all of the company.

Smurfit, which employs 68,000 people world-wide, would cost an estimated €4bn to buy out.