Connect with us


International newspaper Suzano pours cold water on the $15 billion merger deal report

International newspaper Suzano pours cold water on the $15 billion merger deal report


By Steve Gelsi

IP shares fall 1% in pre-market as the company says it is focused on buying DS Smith and won't comment on 'speculation'

Shares of International Paper Co. fell 1.6% in premarket trading Wednesday after it declined to comment on a report that it has been approached by Brazil's Suzano S/A with an offer to buy the company for about $15 billion.

International Paper ( IP ) said it “offers no comment on speculation contained in media reports” and that it remains focused on its plan to buy British company DS Smith Plc ( DITHF ) for $7.2 billion.

Suzano ( SUZ ) also poured cold water on the report of a verbal offer to buy International Paper.

“There is no official document or celebration of any agreement, binding or otherwise, by Suzano, nor any decision or resolution of its governing bodies regarding the possible operation reported by the media,” the company said in a filing.

Citing people familiar with the deal, Reuters reported on Tuesday that Suzano was interested in buying the Memphis paper conglomerate for $42 a share, a premium of about 14% over Monday's closing price of $36.92.

The news sent International Paper stock up about 5.2% by the closing bell on Tuesday, while Suzano's US-listed stock fell 11.5%.

Shares of Suzano rose about 4% in premarket trading on Wednesday.

If any such deal were to be formalized, it could derail International Paper's pending acquisition of British company DS Smith Plc ( DITHF ) for $7.2 billion. IP outbid rival Monty Plc (MONDY) for the deal

On Tuesday, volume in International Paper was about 29 million shares, about five times the average daily pace of trading, according to MarketWatch data.

-Steve Gelsi

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently by Dow Jones Newswires and The Wall Street Journal.


(END) Dow Jones Newswires

05-08-24 0713 ET

Copyright (c) 2024 Dow Jones & Company, Inc.




The mention sources can contact us to remove/changing this article

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos


to request, modification Contact us at Here or [email protected]