Consolidation in the European corrugated paper industry

The European corrugated packaging industry, consisting of many players of all sizes, has entered a period of consolidation. There have been 109 notable M&A deals in the industry since 2010. Smurfit Kappa, DS Smith, and Mondi have been the most active publicly-listed acquirers.
Although the pace of M&A activity is accelerating, it has not yet led to the emergence of clear market leaders. The market is still highly fragmented. The level of vertical integration, from pulp to conversion, is still relatively low; even for the main producers of containerboard. All of this implies that there is plenty of room for further consolidation (News Item Rabobank, July 2017).
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