Suzano Soars 16% After Ending Pursuit of International Paper (3)

Suzano SA shares surged the most in four years, while International Paper Co. plunged, after the Brazilian company said it would end its pursuit of the US paper giant.

International Paper, based in Memphis, Tennessee, fell as much as 11% on Thursday, the biggest drop since 2022. Suzano jumped as much as 16% in São Paulo.

Suzano was never able to draw International Paper into serious engagement and wasn’t willing to increase its offer further, the company said late Wednesday.

“It has always been a condition of Suzano for the completion of this transaction that the engagement between ...