By Victor Swezey

Suzano's American depository receipts ended the market session higher after the company walked away from talks to acquire International Paper.

The stock closed up 14% at $10.48 on Thursday, holding on to the gains it made prior to the open. Shares are down 6% this year.

The Brazilian pulp and paper company said that it had gave up on a potential deal after reaching what considered to be the maximum price it could pay for the transaction to generate value without engagement from its American counterpart.

"It is important to emphasize that it has always been a condition of Suzano for the completion of this transaction that the engagement between the parties be based on private, confidential, and amicable terms," the company said in a statement. "As it was not possible to proceed in this manner, Suzano has decided to terminate the negotiations."

International Paper's shares closed the trading session down 7.2% at $43.26.

Write to Victor Swezey at victor.swezey@wsj.com


(END) Dow Jones Newswires

06-27-24 1648ET