Down over 15% in premarket trade (Il Sole 24 Ore Radiocor) - New York, 27 Jun - Shares in International Paper were sharply lower after the Brazilian pulp and paper company Suzano dropped plans to buy the US company.

At 1107 GMT, International Paper was down 15.19% to 39.53 dollars in premarket trade.

In a statement released yesterday, the Brazilian company said after some negotiations with the International Paper Company regarding a potential transaction, Suzano "has reached what it believes to be the maximum price for the transaction to generate value for Suzano, without engagement from the other party." "Therefore, in observance of its commitment to capital discipline, Suzano formalizes that it will not pursue a transaction involving the acquisition of International Paper." "It is important to emphasize 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." Media said that Suzano made an all-cash offer worth almost 15 billion dollars. Reuters reported that Suzano has verbally communicated a 42 dollar per share offer.

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(RADIOCOR) 27-06-24 13:20:11 (0369) 5 NNNN