Smurfit Westrock, the newly merged global packaging giant, is seeking a $25.5 billion (€23.52 billion) share capital reduction to allow for share buybacks and dividend payments to shareholders. The application to approve the proposed reduction was flagged as a matter of some urgency by lawyers for the group in the Commercial Court on Monday, the same day the new entity began trading on the New York Stock Exchange. The scheme of arrangement that paved the way for the multi-billion tie-in between Irish group Smurfit Kappa and its US rival Westrock was sanctioned by the High Court on July 2 and…

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