01:23 PM EDT, 04/19/2024 (MT Newswires) -- Mondi said Friday it does not plan to make an offer to buy DS Smith, stepping back from the competition after DS Smith reached an all-share combination deal with International Paper Company ( IP ) .

The British packaging group said that after due diligence, its board decided that pursuing a deal with DS Smith "would not be in the best interests of its shareholders."