JEFFERSON Smurfit is in talks to sell its Swedish speciality paper business, Munksjö, in a deal that could be worth up to €500 million.

The prospect of a bidding war for packaging giant Jefferson Smurfit faded today after an unnamed suitor bowed out.

TEXAS Pacific Group, the American venture capital firm headed by Ryanair chairman David Bonderman, have pulled out of an offer for Jefferson Smurfit.