Brazilian pulp and paper giant Suzano is reportedly looking to secure up to $19 billion in debt to potentially acquire International Paper, according to Bloomberg. Analysts from Jefferies are predicting a potential cash offer for IP in the range of $54-57 per share, a figure that aligns with previous investor expectations. However, IP’s board may value the company significantly higher. Suzano’s strategic move is geared towards creating a global industry leader with robust cash generation capabilities to expedite debt reduction. The company is also nearing the completion of a $4.2 billion project to boost its hardwood pulp capacity, which is expected to further enhance its free cash flow. Given IP shareholders’ push for the company to divest its Cellulose business, it seems unlikely they would accept stock in a Brazilian pulp company.