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The jet-setting, high-living paper dynasty

The wives, the women, the scandals ... Liam Collins takes a look at the champagne lifestyle of the Smurfit clan

THE conventional wisdom in business is that the first generation builds it, the second consolidates and the third comes along and ruins it. But it doesn't look like Smurfits is ever going to get as far as the third generation. Michael Smurfit, who built the multinational paper and packaging conglomerate, is preparing to sell out. In this fiercely competitive business you either keep expanding or you sell out, and he just doesn't have the stomach to go on an aggressive acquisitions trail again.

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