Smurfit share fall may weaken fight over €8.9bn bid

Irish paper and packaging giant Smurfit Kappa has rejected a raised takeover offer from US rival International Paper, but a sharp 3.4% fall in Smurfit shares may well signal the hostile suitor is so far winning the €8.9bn bidding war, writes Eamon Quinn.

Earlier this month, shares in Smurfit leaped almost 20% to €33.86, valuing Smurfit then at over €8.1bn, after IP made a takeover approach that was rejected by Smurfit.