International Paper has scrapped plans for an €8.9bn takeover offer for Dublin-headquartered packaging giant Smurfit Kappa, blaming a lack of engagement from its board.

Shares in paper and packaging group Smurfit Kappa ended 1.3% lower as it reported a 4% rise in pre-tax profits in the latest quarter, writes Pádraig Hoare.

Dublin-based paper and packaging group Smurfit Kappa has the ability to spend up to €1bn on acquisitions this year without harming its balance sheet or breaching its lending covenants, management has said.

Paper-based packaging manufacturing firm Smurfit Kappa Group has announced that Tony Smurfit has succeeded Gary McGann as group CEO with effect from today.

Packaging group Smurfit Kappa has appointed Tony Smurfit as chief executive-designate to take over in August when Gary McGann retires after 13 years as CEO.