International Paper Gets India Foothold In $257M Deal

Law360, New York (March 29, 2011, 5:30 PM EDT) -- International Paper Co. said Tuesday it will pay India's LN Bangur Group $257 million in cash for a 53.5 percent stake in Andhra Pradesh Paper Mills Ltd. in a move that gives it a significant position in India's fast-growing economy.

Pursuant to Indian securities law, International Paper will also launch a public tender offer to acquire up to an additional 21.5 percent of the outstanding shares of the company for $104 million in cash — after which time the Memphis, Tenn.-based paper giant will own some...
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