Norway ups its stake in Smurfit
Published 04/07/2010 | 05:00
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.