International Paper has confirmed that it is in discussions with potential buyers for its Europe, Middle East and Africa (EMEA) Packaging Business, following unsolicited approaches that could provide an alternative to its planned spin-off.
The company issued a statement on 15 October 2026 following reports that private equity firms Lone Star Funds and Atlas Holdings were considering separate bids for the business.
According to the Financial Times, the potential transaction could value the EMEA operations at less than $6bn. International Paper has not confirmed the identities of the interested parties or any proposed valuation.
International Paper stated that discussions remain at an early stage and that there is no certainty a sale will be agreed or completed. The company is continuing preparations for its planned separation while evaluating the potential sale in parallel.
The proposed spin-off was originally confirmed in January 2026 and would create two independently listed businesses. International Paper would retain its North American operations, while the EMEA Packaging Business, combining former International Paper and DS Smith assets, would operate under the DS Smith name.
On 14 October, International Paper confirmed that the proposed DS Smith plc business was expected to list on the London Stock Exchange, with a Level II American Depositary Receipt programme on the New York Stock Exchange.
International Paper confirmed that its EMEA Packaging Business will hold a Capital Markets Day in London on 3 November 2026, as preparations continue for its proposed separation into an independent, publicly traded company operating as DS Smith plc.
The event will take place from 13:00 to 17:00 GMT and will be hosted by Tim Nicholls, future Chief Executive Officer of DS Smith plc, and Vincent Bonnot, future Chief Financial Officer, alongside other senior leaders from the EMEA business.
International Paper has emphasised that neither the timing nor the structure of the separation is guaranteed, with any transaction remaining subject to the relevant approvals and conditions.
Shares in International Paper rose following reports of the potential sale, reflecting investor interest in the alternative restructuring option.
