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.

Worries about outflows from Standard Life’s flagship multi-asset strategy hit its shares, ahead of an £11bn (€12.2bn) merger with Aberdeen Asset Management to form the UK’s largest active manager.