London Calling: International Paper Eyes Secondary Listing As Part Of Proposed DS Smith Combination
London Calling: International Paper Eyes Secondary Listing As Part Of Proposed DS Smith Combination
International Paper Company (NYSE:IP) shares are trading higher after it provided an update on its possible offer for DS Smith plc (OTC:DITHF).
国际纸业公司（纽约证券交易所代码：IP）在提供了可能向DS Smith plc（场外交易代码：DITHF）报价的最新信息后，股价走高。
International Paper confirmed significant progress in reciprocal due diligence as facilitated by the DS Smith Board and Management.
国际纸业证实，在DS Smith董事会和管理层的推动下，互惠尽职调查取得了重大进展。
As part of the combination, International Paper intends to seek a secondary listing of its shares on the London Stock Exchange.
作为合并的一部分，国际纸业打算寻求在伦敦证券交易所进行股票的二次上市。
Mark Sutton, Chairman and CEO said, "Bringing International Paper together with DS Smith is a logical next step in International Paper's strategy to create value by strengthening our packaging businesses in North America and Europe. By combining the strengths of both companies, we believe we can enhance our offering of sustainable packaging solutions for customers in attractive and growing markets."
董事长兼首席执行官马克·萨顿表示：“将国际纸业与DS Smith合并在一起是国际纸业战略中合乎逻辑的下一步，该战略旨在通过加强我们在北美和欧洲的包装业务来创造价值。通过整合两家公司的优势，我们相信我们可以增强我们为有吸引力且不断增长的市场中的客户提供的可持续包装解决方案。”
Synergies: International Paper expects the business combination to generate significant synergies and drive value creation for both companies' shareholders.
协同效应：国际纸业预计，业务合并将产生显著的协同效应，推动两家公司的股东创造价值。
The Directors expects the combined International Paper and DS Smith to deliver pre-tax cash synergies of at least $514 million (£407 million) on an annual run-rate basis by the end of the fourth year following completion of the combination.
董事们预计，合并后的国际纸业和DS Smith将在合并完成后的第四年年底之前，按年运行利率计算实现至少5.14亿美元（4.07亿英镑）的税前现金协同效应。
Of this, $474 million (£376 million) of cost synergies is expected to be derived from the operational synergies across the combined network of mills, box plants, and global supply chain and reduction of duplicative corporate and business overhead expenses.
其中，4.74亿美元（3.76亿英镑）的成本协同效应预计将来自工厂、箱式工厂和全球供应链合并网络的运营协同效应，以及减少重复的公司和业务管理费用。
International Paper anticipates the total costs to achieve the synergies to be about $370 million (£293 million).
国际纸业预计，实现协同效应的总成本约为3.7亿美元（2.93亿英镑）。
The company projects about 33% of these synergies to be achieved by the end of the first year following completion, with roughly 66% and 95% achieved by the end of the second and third years, all on a run-rate basis, respectively.
该公司预计，这些协同效应中约有33％将在竣工后的第一年年底之前实现，到第二年和第三年年底，大约有66％和95％将分别按运行率计算。
The business combination is expected to boost International Paper's margins through synergies and immediately accretive to EPS.
预计此次业务合并将通过协同效应提高国际纸业的利润率，并立即增加每股收益。
As of December 31, 2023, cash and temporary investments stood at $1.11 billion.
截至2023年12月31日，现金和临时投资为11.1亿美元。
Investors can gain exposure to the stock via IShares Global Timber & Forestry ETF (NASDAQ:WOOD) and Invesco MSCI Global Timber ETF (NYSE:CUT).
投资者可以通过iShares全球木材与林业ETF（纳斯达克股票代码：WOOD）和景顺摩根士丹利资本国际全球木材ETF（纽约证券交易所代码：CUT）获得股票敞口。
Price Action: IP shares are up 0.91% at $39.42 on the last check Thursday.
价格走势：在周四的最后一次支票中，知识产权股价上涨0.91％，至39.42美元。