8 May 2024: In a public statement Brazilian pulp and paper group Suzano denies reports on an alleged takeover bid for US paper group International Paper (IP) that had been published in the financial press.

The statement refers to an article published by Reuters, saying that "Suzano has approached U.S.-based International Paper to express interest in an all-cash acquisition that would be worth almost $15bn, according to people familiar with the matter".

In a press release, Suzano declares that, although it is continuously analysing market opportunities and investments, "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".

Reports in the media had also suggested that Suzano had already indicated to the board of International Paper that it intended to formally send a proposal of $42 per share in cash in the near future.

The news comes shortly after International Paper had agreed to take over British packaging group DS Smith, outbidding paper and packaging group Mondi. A takeover bid of Suzano for International Paper could disrupt the IP/DS Smith deal, which is scheduled to be closed by the end of this year, articles in the press suggested.

Euwid: https://www.euwid-paper.com/