Leading London hedge fund takes €49m short bet against Smurfit Kappa

Packaging firm's shares have fallen significantly since early 2022

Tony Smurfit, chief executive of Smurfit Kappa: Last week, the firm announced that its revenue for the first half of 2023 was €5.8 billion, down 9 per cent on the first half of 2022. Picture: Fergal Phillips

Marshall Wace, one of the world’s largest hedge fund management firms, has taken a bet against the shares of Smurfit Kappa, the Irish paper and packaging company.

The firm, which was founded by Paul Marshall and Ian Wace in 1997, is shorting 0.51 per cent of the company’s shares.

At the company’s current share price of close to €37, the bet is valued at around €49 million.

A short trade is a risky transaction in ...