US: International Paper Co. (IP), the world's largest pulp and paper maker, has agreed to acquire Temple-Inland Inc for USD3.7bn. Temple-Inland, which is based in Austin, Texas and has four US wallboard plants, previously rejected a bid made by IP on 6 June 2011 because it was too low.
"The strategic benefits of this combination are clear and we are pleased to be able to move forward on terms that are financially attractive for both sets of shareholders," said International Paper Chief Executive Officer John Faraci in a statement.
