Investing.com — London-listed shares of Smurfit Kappa rose on Wednesday after Bloomberg News reported that Smurfit WestRock (NYSE:), the company formed through a merger between the Irish packaging group and its US counterpart WestRock, will be included in an index S&P Dow Jones. Average indicators.
Smurfit Kappa agreed to buy Westrock for $11.15 billion last September, in a deal that created a massive player in the global paper and packaging space. The market value of the combined company is estimated at about $20 billion.
Under the agreement, the new company will be listed on the New York Stock Exchange, while its primary listing in London and its separate listing on Euronext Dublin will be cancelled. However, Smurfit WestRock will retain its secondary listing in London.
In an email statement cited by Bloomberg News, S&P Dow Jones Indices said that, for purposes of index implementation, WestRock will be considered the surviving entity of the partnership. Before trading opens on July 9, Smurfit WestRock's outstanding shares will be updated across all indices, according to Bloomberg.
Analysts at Morgan Stanley noted that the combined group will be included in the benchmark index and blue-chip stocks, in addition to several ESG and natural resources indices.