WestRock jumps on Smurfit Kappa merger
Wall Street Breakfast
Seeking Alpha
4.1 • 1K Ratings
🗓️ 12 September 2023
⏱️ 7 minutes
🧾️ Download transcript
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Transcript
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| 0:00.0 | Welcome to See King Alpha's Wall Street breakfast, where we cover the top news for investors every morning. |
| 0:07.0 | Good morning. Today is Tuesday, September 12th, and I'm your host Julie Morgan. |
| 0:12.0 | It's a done deal. Smurfit Kappa and West Rock will form a new company. |
| 0:17.0 | J.P. Morgan CEO Jamie Diamond slams the Basel 3 Endgame proposal proposal and Paramount strikes the deal with lenders to refinance its debt. |
| 0:36.0 | Smurfit-Kappa and West Rock will combine to form Smurfit Westrock, creating what the companies call a go-to packaging partner of choice for customers, employees, and shareholders. |
| 0:39.9 | The merger creates a $ billion dollar company. |
| 0:43.0 | On the news, Smurfit Kappa is down 9% on the London Stock Exchange, |
| 0:48.0 | and on the NYC West Rock is up 8% pre-market. |
| 0:52.0 | Under the terms of agreement West Rock common stockholders will receive |
| 0:56.8 | one Smurfit West Rock share and $5 in cash for each share of West Rock. This is equivalent to $43.51 per share. |
| 1:07.0 | Smurfeit Kappa shareholders will receive one new share of the new company for each ordinary share in Smurfit Kappa. |
| 1:14.6 | Tony Smurfit Kappa called the deal a defining moment in the global packaging industry. |
| 1:21.6 | West Rock's CEO said the deal presents a comprehensive mobile packaging conference call to discuss the transaction later this morning. |
| 1:34.0 | J.P. Morgan Chase CEO Jamie Diamond has once again slammed US Regulator's proposal for higher capital requirements for banks, calling it hugely disappointing as it could force borrowers to pay more for loans and make her tell lending by banks. |
| 1:51.0 | Regulators in July had proposed to strengthen regulations by requiring large U.S. banks to set |
| 1:57.2 | aside more capital as part of the Basel 3 endgame reforms. |
| 2:01.8 | At a Barclays conference, Diamond said the proposal would push more |
| 2:05.3 | banking activities into sectors that are less regulated. Also he warned that |
| 2:10.1 | higher capital requirements compared to international peers would be a huge negative |
| 2:15.4 | over time, noting that J.P. Morgan would be required to hold 30 percent more capital than a European |
| 2:21.6 | bank. Diamond had previously warned that the new rules would likely raise the cost of mortgage |
| 2:27.4 | affordability and impact small businesses. |
... |
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