International Paper slumps after Brazil's Suzano ends buyout talks

Suzano SA

27/06/2024 15:19

(Updates)
    ** Shares of International Paper  IP.N  down as much as 11%
at $41.50
        ** If losses hold, stock set for worst day since Sept
2022
  
    ** Brazil's 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 two-year high earlier this week 

 (Reporting by Medha Singh and Anuja Bharat Mistry)
 ((medha.singh@thomsonreuters.com))