Brazilian pulp and tissue manufacturer Suzano has confirmed talks over a potential takeover of International Paper (IP) have now been terminated.
Reports had claimed the company was in talks to offer a higher bid for the previously announced $15bn acquisition of IP.
However, a statement made on 26 June by Marcelo Feriozzi Bacci, Suzano’s Chief Financial and Investor Relations Officer, said that the company had “reached the maximum price for the transaction to generate value for Suzano, without engagement from the other party.”
It added: “Therefore, Suzano formalises that it will not pursue a transaction involving the acquisition of International Paper.
“It is important to emphasise that it has always been a condition of Suzano for the completion of this transaction that the engagement between the parties be based on private, confidential, and amicable terms.
“As it was not possible to proceed in this manner, Suzano has decided to terminate the negotiations.”
