Packaging giants Jefferson Smurfit of Ireland and Kappa Packaging of the Netherlands are expected to confirm a €7.6bn ($9.4bn) merger today, according to a source close to the negotiations.

Kappa's private equity backers, CVC Capital Partners and Cinven, are thought to have been looking for an exit from the business for some time, and the firm appointed Goldman Sachs to review its strategic options at the end of last year.