International bidding war brewing for UK packaging firm

US-based International Paper puts in 5.7bn takeover proposal for DS Smith, gatecrashing Mondi offer

An international bidding war is brewing for the UK packaging company DS Smith after a US-based paper producer put forward a 5.7bn takeover proposal, gatecrashing a deal it had agreed with the British rival Mondi.

DS Smith confirmed it was now in talks with International Paper, the largest paper and pulp company in the world, over an all-stock offer, which would trump the 5.14bn deal put forward by Mondi earlier this month.