WASHINGTON (dpa-AFX) - International Paper Company (IP), a producer of renewable fiber-based packaging, Thursday addressed the press speculation regarding a sale of its EMEA Packaging Business and confirmed that it is also evaluating unsolicited bids in relation to its EMEA Packaging Business, and is in discussion with potential bidders.
Previously, on January 29, the company had announced that its EMEA Packaging Business was expected to be separated by way of a spin off and on October 14, the company reaffirmed that the spin off was surmised to be effected through a listing of the business on the London Stock Exchange with a Level II ADR program to be listed on the New York Stock Exchange.
International Paper is progressing with the spin off and simultaneously evaluating the potential sale. Further, the packaging company gives no assurance regarding the ultimate timing or structure of the proposed separation of the EMEA Packaging Business from International Paper.
On Thursday, shares closed at $34.10, up 6.90% on the New York Stock Exchange.
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