International Paper Confirms Unsolicited Bids for EMEA Packaging Business While Pursuing Spin‑Off

International Paper on October 15 confirmed that it has received unsolicited bids for its Europe‑Middle East‑Africa (EMEA) packaging business—even as it presses ahead with plans previously announced to spin off the unit as a standalone company named DS Smith plc. The company emphasized that the sale process is at an early stage and that there is no certainty a transaction will be agreed or completed. A capital markets day to outline the separation strategy is scheduled for November 3, 2026.

Dual Path: Spin‑Off and Sale Discussions

In its statement, International Paper reiterated the January 29, 2026 plan to spin off its EMEA packaging operations via a new listing on the London Stock Exchange and a Level II ADR program in New York under the name DS Smith plc. While that path remains active, the company confirmed it is simultaneously exploring potential sale offers, responding to recent press speculation and share price movements.

Private Equity Interest Surfaces

Financial Times reporting cited private equity firms Lone Star and Atlas Holdings as among the potential bidders for the EMEA business, valued at under USD 6 billion. Despite the clear interest, International Paper maintained that the process is early-stage and no agreement is in place.

Why It Matters

The EMEA packaging business, formerly part of DS Smith before International Paper’s 2021 acquisition, accounts for a substantial portion of its corrugated packaging network. A sale would transfer strategic direction and future growth trajectories to new ownership, whereas a spin‑off would leave control in investors’ hands under a standalone public company structure. Investors will be watching closely for developments ahead of the November 3 capital markets day.

Next Steps to Monitor

• Whether International Paper announces a formal sale agreement—or confirms proceeding with the spin‑off as originally planned.
• Details and valuation expectations shared during the DS Smith capital markets day on November 3, 2026.
• Any impact on International Paper’s stock amid evolving investor sentiment around capital allocation and strategic focus.

The confirmation of unsolicited bids adds a new dynamic to International Paper’s EMEA packaging separation strategy, offering potential strategic alternatives at a pivotal moment for the business.