Michael Murray: Smurfit boxes clever with €400m deals

Firm poised to take advantage of lift in the Americas

Smurfit Kappa’s announcement last week of two acquisitions in the economically troubled hotspot of Brazil – at a premium of €150 million over net asset value – brings the group’s total spend on acquisitions over the past 12 months to nearly €400 million.

The acquisitions strengthen the group’s market position in its key “Americas” region. It is the only large scale pan-regional player in its industry sector in this region with operations in ...