Smurfit takeover deal on track

THE High Court yesterday approved an application by Jefferson Smurfit Group plc to reduce share capital by 10 million 30 cent ordinary shares to facilitate a 3.4bn takeover deal by Madison Dearborn Partners.

Mr Justice Peter Kelly also approved of next Tuesday, September 3, as the closing date for the deal.

The move clears the way for a 200m-plus windfall for Smurfit boss Dr Michael Smurfit.