The agreement with Champion, a forest products company operating in the US, Brazil and Canada, went ahead following the withdrawal from the bidding of Finland's UPM-Kymmene. International Paper will purchase Champion for $75 per share in cash and stock in an offer valued at $7.3 billion, excluding $2.3 billion in net debt. The total purchase price would be paid with $50 in cash and $25 in stock.
May 31 2000