Suzano SA has opted to discontinue its acquisition bid for International Paper Co., one of North America’s largest recyclers and a global producer of packaging, pulp, and other fiber-based products. Suzano’s decision followed International Paper’s rejection of the offer, which has resulted in a nearly 15% pre-market share drop for International Paper. Previously, Suzano had proposed a $15 billion acquisition offer contingent on International Paper abandoning its plans to acquire British packaging firm DS Smith. However, International Paper has chosen to focus on its own merger plans with DS Smith, expected to close in Q4. The abandonment of the deal by Suzano has also lifted its U.S.-listed shares by 11.94% in the pre-market as it avoids taking on more debt that could affect its investment grade.

Packaging, Pulp and Paper, Mergers and Acquisitions,United States, Brazil, United Kingdom