May 24 (Reuters) - The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.
Headlines
UK tax chief warns on 20 bln pounds bill for Brexit customs option https://on.ft.com/2IMa7Uw
U.S. cancels invitation to China to join naval exercises https://on.ft.com/2IIvOof
Smurfit shareholders demand talks with bidder https://on.ft.com/2s4dsaV
Overview
Businesses will face a cost of up to 20 billion pounds ($26.75 billion) a year to comply with the customs arrangement favoured by the keenest Brexit supporters within the Cabinet, Britain's most senior tax official said on Wednesday.
The Pentagon on Wednesday disinvited China from a major U.S.-hosted naval drill in response to what it sees as Beijing's militarization of islands in the South China Sea, a decision China called unconstructive.
A trio of shareholders at Europe's biggest paper packaging group Smurfit Kappa Group Plc have asked it to enter talks with the largest listed U.S. paper packaging firm International Paper Co (IP). ($1 = 0.7478 pounds) (Compiled by Bengaluru newsroom; Editing by Sandra Maler)