S&P 500 stock International Paper tumbled early Thursday after Brazilian company Suzano said it ended talks to acquire the Memphis-based pulp and paper operation in a deal that would have been worth around $15 billion.
International Paper stock fell 13% during premarket action on Thursday. Meanwhile, Suzano's American depositary receipts leapt 12% on the news.
Suzano, which claims to be the largest pulp manufacturer in the world, said late Wednesday the company will not pursue the acquisition for International Paper, a S&P 500 component. Suzano added that it had reached the "maximum price for the transaction to generate value," according to news reports. The company has not disclosed financial details around the offer.
Reuters reported in May that Suzano had verbally expressed interest in acquiring S&P 500 component International Paper in an all-cash acquisition valued at around $15 billion.
The S&P 500 stock has a 67 Composite Rating out of a best-possible 99. International Paper also has a 92 Relative Strength Rating and a 14 EPS Rating.
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