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IP, Stora Enso in talks
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August 22, 2001: 3:10 p.m. ET
Int'l Paper reportedly mulling combination with Finnish rival
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NEW YORK (CNNfn) - International Paper Co., the world's largest paper and forest-products company, is in takeover talks with Finland's Stora Enso, press reports said Wednesday.
A merger would create the world's biggest industry group with $40 billion in sales. News of the talks was first reported by Sweden's largest business daily, Dagens Industri.
Stora Enso spokesman Kari Vainao declined to comment, calling the reports "rumors."
"If we have anything to say we will inform the market," Vainao told CNNfn.
An International Paper spokeswoman also declined comment.
Stamford, Conn.-based International Paper (IP: down $0.40 to $40.39, Research, Estimates), with nearly a $20 billion market capitalization, would probably be acquiring Stora Enso, press reports said. The Swedish company has a more than $10 billion market cap.
IP currently is reorganizing its forest resources business, instituting job cuts and shutting down of paper making machines. IP is the world's biggest paper and board maker in terms of output, while Stora Enso, of Helsinki, Finland, is ranked second. 
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