Takeover: DS Smith boss Miles Roberts said he is pressing ahead with a takeover deal by a US company
DS Smith boss has insisted a takeover by a US rival is still underway despite fears it could be derailed.
The British packaging group accepted a £5.8bn bid from US giant International Paper earlier this year after beating London-listed Mondi’s £5.2bn offer.
But the Tennessee-based company is reportedly being surrounded by Brazil’s Suzano, sparking speculation that the DS Smith acquisition could fall through.
However, DS Smith boss Miles Roberts said yesterday he would press ahead with the deal.
And he said shareholders found the prospect of listing in New York through International Paper “very attractive.”
A merger would see DS Smith drop out of the FTSE 100 index of blue-chip companies.
The combined group is expected to seek a secondary listing in the UK, meaning DS Smith would not disappear from the London stock market entirely.
Shares in DS Smith rose 2.8 percent yesterday.
