International Paper rises, says it is evaluating possible EMEA business sale

** Shares of International Paper IP.N up as much as 8.5% at $34.62 in afternoon trading

** Stock set for best day in nearly three months if gains hold

** Co says it is evaluating bids for its Europe, Middle East and Africa Packaging Business and is in discussions with potential bidders following its plans to split into two publicly traded companies

** Private equity firms Lone Star and Atlas Holdings are exploring multibillion-dollar bids for IP's European packaging business, valuing it at less than $6 billion, the Financial Times reported earlier in the day

** Co in January had announced it would split into two publicly traded companies by spinning off its European packaging business, aiming to streamline its operations and boost productivity across North America

** IP in 2024 completed a $7.2 billion buyout of London-based rival DS Smith

** As of last close, stock down 19% YTD