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According to Reuters, the Brazilian pulp and paper company has expressed interest in acquiring the American giant. This move follows International Paper’s recent agreement to acquire the British packaging company DS Smith for $7.2 billion.
Suzano has informally communicated its offer of $42 per share to the board of International Paper and is expected to formalize its bid shortly. The news prompted a surge in International Paper’s stock price by as much as 12%, before it settled to a market capitalization of approximately $13.5 billion.
International Paper declined to comment on Suzano’s approach, saying the company continues to focus on completing its deal for DS Smith.
“The IP team, led by new CEO Andy Silvernail, is executing on business strategies and pursuing commercial and cost improvement initiatives across the portfolio to achieve best-in-class profit margins and significant earnings growth. In addition, as industry conditions continue to improve, IP will come out of a cyclical bottom for earnings,” International Paper said in a statement.
corruga.expert