Tuesday 27 June 2017

Norway ups its stake in Smurfit

Nick Webb

Nick Webb

OIL-RICH Norway has hiked its stake in Smurfit Kappa, led by Gary McGann (above), in recent days.

Norway's €350bn sovereign wealth fund, run by Norges Bank, has been buying up shares in the packaging and cardboard company. It now holds almost 6.5 per cent and is one of the largest shareholders as a number of US hedge funds have sold down their stakes.

Last April, the Sunday Independent revealed that Norway had bought a 3 per cent stake in the €1.5bn-valued company.

Sunday Independent

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