Mobile phone tycoon John Caudwell looked set for a massive windfall today amid reports the sale of his business empire could net £1bn (€1.46bn).

PAPER and packaging group, Jefferson Smurfit has agreed to a €450 million deal to offload its Munksjo specialist paper business in Sweden.

CVC and Nordic Capital are to make a bid for Jefferson Smurfit Group’s Scandinavian paper and packaging business, sources said.