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Important information: The value of investments can go down as well as up so you may get back less than you invest. Investors should note that the views expressed may no longer be current and may have already been acted upon. This is a third-party news feed and may not reflect Fidelity’s views.

DS Smith rallies as Suzano abandons pursuit of International Paper

(Sharecast News) - DS Smith was the top gainer on the FTSE 100 on Thursday after Brazilian pulp maker Suzano said it had ended talks to buy International Paper. In a statement on Wednesday, Suzano said that IP had not engaged with the highest price it was willing to pay.

Suzano said it had reached what it believes to be "the maximum price" for the transaction to generate value for it "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 said.

DS Smith agreed to be bought by International Paper in April for £5.8bn. According to Reuters, a deal between Suzano and IP would have been conditional on IP abandoning its DS Smith bid.

At 1000 BST, DS Smith shares were up 5.8% at 389.69p.

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Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.

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