Smurfit Kappa rejects takeover bid from International Paper Company

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The largest cardboard box manufacturer in Europe and major purchaser of recovered fibre has rejected a takeover bid from US firm International Paper Company.

Smurfit Kappa strongly advised shareholders to "take no action" over the €8.6 billion (£7.7 billion) approach by the packaging, pulp and paper firm.

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In a statement, Smurfit Kappa described the bid price as unsolicited and highly opportunistic.

It added: "The board of Smurfit Kappa has already carefully considered, with . . .

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