International Paper up on report of PE firms exploring bids for Europe business

By Reuters News

** Shares of International Paper IP.N up about 5% at $33.33

** Private equity firms Lone Star and Atlas Holdings are exploring multibillion-dollar bids for International Paper's European packaging business, according to the Financial Times

** 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

** In June, co reported second-quarter sales below Wall Street estimates and trimmed the top end of its annual profit forecast range

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

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