SAO PAULO – Brazilian pulpmaker Suzano said on Wednesday it has terminated talks to buy International Paper (IP), adding the U.S.-based firm did not engage with the highest price it was willing to pay. Suzano, the world’s largest pulp manufacturer, said last month it was interested in assets owned by IP in an all-cash acquisition worth $15 billion. In Wednesday’s filing, Suzano said “it has reached what it believes to be the maximum price for the transaction to generate value” for itself, “without engagement from the other party.” “Therefore, Suzano will not pursue a transaction involving the acquisition of IP,” Suzano said. …A deal between the companies would be conditioned on IP abandoning its recently announced agreement to acquire British packaging firm DS Smith for $7.2 billion. Shares from Suzano are down 14.6% since the day before news of the talks broke until Wednesday’s closing, while IP shares are up 26.2% in the same period.

Related in the WSJ: IP Stock Slides After Suzano Abandons Bid Talks – IP shares fell 9% in early trading. Suzano’s rose nearly 14%.