Brazil's Suzano discusses higher bid for International Paper, sources say

Suzano SA

20/05/2024 20:57

By Anirban Sen and David French
       May 20 (Reuters) - Brazilian pulp and paper company
Suzano  SUZB3.SA  has been in talks with its advisers about
sweetening its $15 billion acquisition offer for International
Paper  IP.N  people familiar with the matter said on Monday.
    Reuters reported earlier this month that Suzano had
approached International Paper to verbally express interest in
an all-cash acquisition that was worth roughly $42 per share.
Such a deal is conditional on International Paper abandoning its
agreement to acquire British packaging firm DS Smith  SMDS.L 
for $7.2 billion
    International Paper rejected Suzano's initial approach, and
Suzano is discussing raising its offer by a few dollars per
share, one of the sources said.
    The sources cautioned there is no certainty that a new bid
from Suzano would succeed, and asked not to be identified
because the matter is confidential.
    Suzano and International Paper did not immediately respond
to requests for comment. 

 (Reporting by Anirban Sen and David Fench in New York
Editing by Greg Roumeliotis)
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