New York hedge fund doubles down on Smurfit Kappa short bet

Millennium Management is now shorting nearly 1 per cent of packaging company’s shares in a trade worth €95 million

Tony Smurfit, chief executive officer of Smurfit Kappa: Millennium Management has taken several short positions against the company over the last few months. Picture: Bloomberg

Millennium Management, a New York hedge fund, has doubled its short bet against Smurfit Kappa, the Irish paper and packaging company led by Tony Smurfit.

The firm, which was founded by Israel ‘Izzy’ Englander, is now shorting nearly 1 per cent of the company’s shares through two separate funds. It held 0.5 per cent in the middle of December before taking a similar-sized share again last week. At the company’s current share price of around ...