Cinven and CVC, the private equity owners of Kappa Packaging, have snubbed the paper and carboard firm's former advisers to appoint Goldman Sachs, the US investment bank, to review Kappa's strategic options.

In 2002, Merrill Lynch and UBS won the mandate to run Kappa's initial public offering. At the time the company had an estimated valuation of €4.5bn ($5.5bn) and it was thought to be set to raise €2.25bn in the IPO. However, the float was shelved due to poor market conditions.