Brazilian pulp and paper company Suzano has confirmed that there is no formal document or decision regarding media reports of its potential acquisition of International Paper (IP).

A report by Reuters has claimed that Suzano has submitted a proposed to purchase the assets of US-based IP for $15bn.

This would mean the acquisition of 28 pulp, paper, and packaging mills, 200 carton converting units and 18 recycling units, and distribution facilities in an additional 10 countries as well as sites in America.

Marcelo Feriozzi Bacci, Chief Financial and Investor Relations Officer, Suzano, said: “The company is continuously analysing market opportunities and investments aligned with its strategy.

“Nevertheless, the company clarifies that, to date, there is no formal document or celebration of any agreement, binding or otherwise, by Suzano, nor any decision or resolution of its management bodies regarding the potential operation reported by the media.”

IP is currently under a purchase agreement announced a month ago to buy British packaging company DS Smith, a deal which is scheduled to close by the fourth quarter of 2024.

International Paper declined to comment on Suzano’s approach and said the company “continues to focus on completing its deal for DS Smith.”

“The IP team, led by new Chief Executive Andy Silvernail, is executing on business strategies and pursuing commercial and cost improvement initiatives across the portfolio to achieve best-in-class profit margins and significant earnings growth.

“In addition, as industry conditions continue to improve, IP will come out of a cyclical bottom for earnings.”

Elsewhere, Suzano is in the middle of a Chief Executive transition after it was announced that Walter Schalka – who has spent the last decade in the role – will be stepping down from his role as the President of Suzano.

He will be succeeded by João Alberto Abreu who is leaving the Presidency of Latin America’s largest logistics operator Rumo.