Jefferson Smurfit to exchange partial ownership of Smurfit MBI.
Jefferson Smurfit Group (JSG), Dublin, Ireland, has signed a letter of intent with Smurfit-Stone Container Corp. (SSCC), Chicago, Illinois, USA. Under the terms of this letter, JSG will exchange its 50% ownership in Smurfit MBI and consideration of approximately Euro 185 million (US$ 198 million) for SSCC's European packaging interests. The transaction should close in the first quarter of 2003 and is subject to several conditions including European and Canadian regulatory approval. Smurfit MBI is the leading Canadian corrugated producer with 15 facilities.