UK companies shifting their listing to the US markets hope for a share price bump and ultimately a higher valuation. But when boxmaker Smurfit Kappa announced a tie-up with US peer WestRock last September, and a move of its main listing, its share price crumpled. Much has changed since, including more rumblings about departures from London and a flurry of sector consolidation sparked by the deal. When the new Smurfit-WestRock arrives stateside next month, bolstered by its inclusion in the S&P 500 index, the deal’s logic should unpack nicely. Whereas the pandemic meant booming demand for packaging, 2023 was a bust as customers ran down existing inventories. Against that backdrop, the deal was seen as defensive and a sign the market would deteriorate. Instead, things have picked up; the timing now looks favourable. After all, US rival International Paper came up with its own cardboard cut-out version offering to buy the UK’s DS Smith.