DS Smith insists takeover by US rival International Paper remains to be on

Takeover: DS Smith boss Miles Roberts said he is pushing ahead with a takeover deal by an American firm

DS Smith’s boss has insisted a takeover by an American rival is still on despite fears it could be derailed.

The British packaging group accepted a £5.8billion offer from US giant International Paper earlier this year after it outbid a £5.2billion approach from London-listed Mondi.

But the Tennessee-based company is reportedly being circled by Brazil’s Suzano, sparking speculation that the DS Smith takeover could fall apart.

However, DS Smith boss Miles Roberts yesterday said he is pushing ahead with the deal.

And he said shareholders found the prospect of a New York listing through International Paper ‘very attractive’.

A tie-up would see DS Smith leave the FTSE 100 index of blue-chip companies.

The combined group is expected to seek a secondary listing in the UK, meaning DS Smith would not entirely disappear from London’s stock market.

DS Smith shares increased 2.8 per cent yesterday.