June 5, 2018 / 6:44 PM / 2 months ago

International Paper to drop bid for Smurfit Kappa: sources

(Reuters) - International Paper Co (IP.N) will withdraw its offer to acquire Irish packaging company Smurfit Kappa Group Plc (SKG.I), ahead of a Wednesday regulatory deadline to firm up its bid or walk away, two people familiar with the matter said on Tuesday.

International Paper will announce shortly it is dropping its acquisition pursuit after courting Smurfit for four months, the sources said, asking not to be identified because the matter is confidential.

Smurfit and International Paper did not immediately respond to requests for comment.

Reporting by Ben Martin in London and Harry Brumpton in New York; editing by Jonathan Oatis

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