THE WHAT? DS Smith has confirmed that it is ‘in talks’ with International Paper, suggesting that Mondi’s in-principle agreement to buy the UK packaging firm could be in jeopardy. Shares in DS Smith rose 7 percent following the news.

THE DETAILS According to a report published by Bloomberg, the US firm is considering an offer of £4.15 per share for DS Smith, which values the UK packaging manufacturer at £5.7 billion. Mondi’s provisional offer stands at £5.1 billion.

THE WHY? The consolidation of the packaging industry has continued apace in the wake of the pandemic, which saw demand for packaging soar as e-commerce boomed.