MEMPHIS, Tenn. (From news reports) -- International Paper, the US firm that has made an €8.6bn approach to buy Irish packaging giant Smurfit Kappa, is understood to have considered a secondary stock market listing in London in order to overcome any issues Smurfit Kappa institutional shareholders may have in accepting shares in the US company as part of a takeover deal.
It's also possible that International Paper - quoted on New York's Nasdaq - could raise the cash element of its indicative offer for Smurfit Kappa to €26 a share from €22, for instance, without causing any significant issues with ratings agencies regarding its own current leverage position.
Increasing the cash component of the proposed deal by that amount would bring the total offer price to just over €38 per share, valuing Smurfit Kappa at close to just over €9bn. That's based on International Paper's $52.18 share price yesterday morning in the US.
It's thought that the share element of the proposed deal could cause difficulties for some Smurfit Kappa shareholders, with some funds unable to hold US equities.
However, a secondary International Paper listing in London would overcome such problems.
It's also believed that despite Smurfit Kappa's vociferous opposition to the proposed takeover offer from International Paper earlier this month, contact has continued between the sides. International Paper has also been courting major Smurfit Kappa investors in an effort to engineer a takeover offer that would be acceptable to them.
Smurfit Kappa CEO Tony Smurfit has pilloried the indicative offer from Memphis-based International Paper.
He said that the offer was "opportunistic" and that it was not "remotely acceptable" and that the Smurfit Kappa board had seen "no merit" in the proposed transaction. He has also insisted that the cultural differences between the businesses would be an obstacle to a deal.
But many analysts believe a marriage between International Paper and Smurfit Kappa makes sense. The US firm generates 75pc of its revenue in the Americas, while Smurfit Kappa makes 75pc of its revenue in Europe.
****
EMPLOYMENT OPPORTUNITIES:
A family owned and operated corrugated packaging solutions company in Illinois is looking for an experienced Maintenance Technician to maintain production and quality by ensuring operation of machinery and mechanical equipment. Relocation and other perks are available to the right candidate who is committed to working third shift. If you are interested or would like more information, please contact Jim Thompson at: jthompson@taii.com Ph. 678-206-6010 Cell: 404-822-3412.
Are you an experienced Maintenance Mechanic and would like to work for a family owned and operated corrugated packaging solutions company that invests in the best equipment and technology? If you are interested or would like more information, please contact Jim Thompson at: jthompson@taii.com Ph. 678-206-6010 Cell: 404-822-3412.
A leading company in the corrugated solutions packaging business is looking for a experienced Electrician. The right candidate will possess the following skills: electrical; hydraulic; automatic drives (basic component machines 122 to 440 bolts). If you are interested or would like more information, please contact Jim Thompson at: jthompson@taii.com Ph. 678-206-6010 Cell: 404-822-3412.
* An expanding company is looking for a Corporate Industrial Electro-Mechanical Engineer near Allentown, PA. Relocation is available. Do you have a storied list of unique electrical and mechanical engineering skills you're ready to take to the next level? Do you envision yourself in a corporate-level leadership role that your experience finally merits? And do you relish any opportunity to troubleshoot and solve real-time problems, all while designing and installing new services and systems that will not only ensure safety, but also turn a potentially hazardous work environment into a continuously thriving one? If you are interested or would like more information, please contact Jim Thompson at: jthompson@taii.com Ph. 678-206-6010 Cell: 404-822-3412.
* An expanding company is looking for hands-on Electro Mechanical Maintenance Techs in Conyers, Georgia. Preference will be given to candidates with higher education and additional certificates or training. You must be able to work any shift. Pay is negotiable with excellent perks and benefits. Relocation assistance is available to the right candidate. If you are interested or would like more information, please contact Jim Thompson at: jthompson@taii.com Ph. 678-206-6010 Cell: 404-822-3412.
* Working as a Consultant? Looking for some additional challenges with a flexible scheduling? Have a background in Consistency Control? This may be just the opportunity you are looking for: A large multi-national automation company seeks an expert in paper mill consistency technology. This individual will facilitate application support and start-ups in the paper mill environment. In addition, the ability to provide troubleshooting and technical advice and support is strongly desired. The individual should have an understanding of rotary, blade, microwave and optical consistency and the application of these devices in the paper mill. The company sells and maintains a line of consistency transmitters, sample valves and sheet break detectors. These products are marketed in the US through a rep. network. Knowledge of sheet break detection technology is also desirable. Individual must be willing to travel to paper production facilities across the US. Travel & Living Expenses to be reimbursed along with an agreed upon daily per diem rate. For more information, please contact Jim Thompson at: jthompson@taii.com Ph. 678-206-6010 Cell: 404-822-3412.
****
Jim Thompson is back again...with a new book on a taboo subject: the personalities in the pulp & paper industry. Jim has written in the past on many subjects based on his four plus decades in the worldwide pulp and paper industry. This new book is packed full of information valuable to the senior member of the industry as well as the recent entrant. A must for every pulp and paper library. |
