Suzano confirms IP interest

Brazilian pulp and paper group Suzano has again responded to press rumours linking it with a move for International Paper (IP).

0

Brazilian pulp and paper group Suzano has again responded to press rumours linking it with a move for International Paper (IP).

On 20 May, Reuters reported Suzano had increased its offer for IP after an initial $15 billion bid was rejected. In a 22 May statement to the Brazilian stock exchange related to “atypical fluctuations” in its share price, Suzano acknowledged “its interest in International Paper assets” without providing specifics.

It added there was “no agreement, binding or otherwise” that currently warranted further market disclosure.

IP has not made a public comment since its statement of 8 May. Reuters believes a Suzano acquisition of IP would disrupt the latter’s agreement to buy UK-based packaging firm DS Smith.

São Paulo, Brazil