International Paper, Suzano pour cold water on report of $15 billion merger deal

By Steve Gelsi
May 8, 2024
Category: Business & Politics
Region: International

IP shares dip 1% in premarket trades after the company says it… declined to comment on a report that it’s been approached by Brazil’s Suzano with an offer to buy the company for about $15 billion. …Suzano also poured cold water on the report of a verbal offer to buy International Paper. “There is no formal document or celebration of any agreement, binding or otherwise, by Suzano, nor any decision or resolution of its management bodies regarding the potential operation reported by the media,” the company said in a filing. Citing people familiar with the deal, Reuters reported Tuesday that Suzano was interested in acquiring the Memphis paper conglomerate for $42 a share, a premium of about 14% over its closing price of $36.92 on Monday. The news sent International Paper’s stock up about 5.2% by the closing bell on Tuesday, while U.S.-listed share of Suzano fell 11.5%.

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