Finance History | 11 Wall Street — WRK Stopped and a Packaging Book Printed SW
· 2024-7
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Finance History | 11 Wall Street — WRK Stopped and a Packaging Book Printed SW
kevin
People treat Smurfit Westrock as a Dublin packaging house that always printed SW after a finished New York book.
The July 2024 issuer was a new Irish parent for two already-listed paper companies.
An 8-K dated 8 July 2024 records that the combination closed on 5 July 2024. Each Smurfit Kappa ordinary share was exchanged for one Smurfit Westrock ordinary share.
Each WestRock common share was converted into one Smurfit Westrock share and 5.00 dollars in cash.
A later Form 10-Q records 261,094,836 new shares issued to former Smurfit Kappa holders and 258,228,403 shares issued to former WestRock holders. Aggregate cash paid on the WestRock side was 1,291 million dollars in 2024 currency.
After the close, Smurfit Kappa holders owned about 50.3 percent and WestRock holders about 49.7 percent.
A company release records that the primary listing opened on the New York Stock Exchange on 8 July 2024 under the letters SW, with a standard London listing under SWR. WRK stopped on 5 July.
The Irish Times, writing from the floor that afternoon, recorded 46.12 dollars at 2 p.m. New York time.
The mechanism is a dual listing after a scheme-and-merger, not a cash initial public offering.
Cash left the new parent to WestRock holders. The New York tape became the primary book.
The present tape is still SW on the New York Stock Exchange.
The pin is the Broad Street facade of the Exchange, where SW opened.
Interior trading is not visitable from the sidewalk.
Photo: Arild Vagen, August 2017, CC BY-SA 4.0, via Wikimedia Commons. New York Stock Exchange from Broad Street.
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