Dr Michael Smurfit's beneficial holding in Jefferson Smurfit Group has risen by nearly 2.4 million shares to 74 million shares, or 6.69 per cent of the total, according to a filing with the Irish Stock Exchange.

Dr Smurfit did not buy the shares directly. They were purchased by an investment holding in which he now has a one-third voting power.

This investment holding company bought the additional Smurfit shares "over a lengthy period of time" and at an average price of €2.20 per share, costing a total of €5.2 million.

His 74 million shares are currently worth €161 million (£127 million).