International
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
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