International Paper slumps after Brazil's Suzano ends buyout talk

Suzano SA

27/06/2024 09:56

** Shares of International Paper  IP.N  slumps 14.7% to
$39.79 premarket
    ** Brazilian pulpmaker Suzano  SUZB3.SA  has ended talks to
buy IP, saying the U.S.-based firm did not engage with the
highest price it was willing to pay
    ** Suzano, the world's largest pulp manufacturer, said last
month it was interested in IP's assets
    ** Reuters reported in May that Suzano had approached IP to
express interest verbally in an all-cash deal worth $15 bln
    ** IP shares have gained about 26% since the deal was first
reported, hitting a 2-year high earlier this week 

 (Reporting by Medha Singh)
 ((medha.singh@thomsonreuters.com))