Packaging companies Rock-Tenn Co (RKT) and MeadWestvaco Corp (MWV) agreed to form a combined $16bn company to take on market leader International Paper Co (IP) in the United States and abroad. MeadWestvaco, which decided this month to spin off its chemicals business after pressure from activist investor Starboard Value LP, said the separation would be completed after the merger. The companies said the structure of the deal would help retain the “favorable tax attributes” related to this spinoff. Source: Reuters
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