Smurfit gets €25m for Powerflute shares

Michael Smurfit has slashed his stake in the Finnish packaging company Powerflute, raising over €25 million for ‘estate planning’ in the process.

Smurfit last week sold 36 million shares in the company which was previously controlled by Bacchantes, the holding vehicle run by Smurfit. His brother, Dermot Smurfit, is chairman of Powerflute, which recorded earnings last year of €55.2 million from revenues of €357.2 million, with overall growth of 138 per cent.

The ...