(Bloomberg) -- Suzano SA, the world’s largest pulp producer, confirmed its interest in buying US packaging giant International Paper Co.’s assets, while reiterating that no agreement has been made.

There is currently “no agreement, binding or otherwise, nor any decision or deliberation” by company management that would qualify as a “material fact,” Suzano said Wednesday in response to an inquiry from Brazilian stock exchange B3 SA. 

Reuters reported on May 7 that Suzano had approached International Paper with a potential all-cash offer valuing the company at almost $15 billion. Reuters said Monday that the Brazilian company has been in talks with advisers about increasing its offer. 

Suzano investors have had a negative reaction to a possible deal. The company’s stock has dropped more than 17% since May 6, while the interest investors demand to hold the Suzano’s $1.75 billion in bonds due 2029 has jumped by more than 1 percentage point to 6.5%. 

Shares of the Brazilian company were down as much as 1.5% in early trading in São Paulo on Wednesday. International Paper’s shares fell as much as 2.1% in New York, though they are still up 27% since May 6.

A deal with International Paper — which was founded more than a century ago in 1898 — would create a pulp and paper powerhouse handling every step from eucalyptus tree planting to corrugated box distribution, with operations spanning North America to Japan.

Suzano controls almost a third of global capacity for hardwood pulp, a key material in tissue and writing paper. A combination with the US company would mark its first step into a much-anticipated push for internationalization and allow it to diversify operations into the more stable packaging sector.

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