Smurfit’s €460m buy ups ‘intrigue’ ahead of takeover bid June deadline

Smurfit Kappa said it will buy Dutch paper and recycling firm Reparenco for about €460m, increasing the intrigue as it continues to try and see off a takeover bid from rival International Paper (IP) of the US.

IP faces a deadline of June 6 to decide whether to make its offer hostile, if Smurfit fails to engage before then, or walk away. Analysts say current shareholders may have little to lose by holding tight until then.