Smurfit gets €25m for Powerflute shares

Packaging company valued at €353m

27th March, 2016
Michael Smurfit sold 36 million shares in packaging firm Picture: Feargal Ward

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 move means...

Subscribe from just €1 for the first month!

Currency

What's Included

With any subscription you will have access to

  • 971569B3-2C5E-4C45-B798-CEADE16987A8

    Unlimited multi-device access to our iPad, iPhone and Android Apps

  • 099C8662-C57C-42F2-9426-F2F90DF17C8F

    Unlimited access to our eReader library

  • 198AE43B-B9CF-4892-8769-D63C2104BA08

    Exclusive daily insight and opinion seven days a week

  • D8F37B78-25E4-4E4A-A376-4F5789B1564A

    Create alerts to never miss a subject that matters to you

  • B15F2521-37CD-4E02-B898-730A20D39F7F

    Get access to exclusive offers for subscribers on gifts and experiences

  • A564FE02-1AB8-4579-AF9D-BA32A2E5ACA7

    Get content from Business Post, Business Post Magazines, Connected, Tatler and Food & Wine

Share this post

Related Stories

Content is king – just ask Netflix as rivals attempt to steal its crown

Tom Maguire: Tax changes we make now could help business for years

The Daily Briefing