01:56 PM EST, 11/26/2024 (MT Newswires) -- (Updates with statement from International Paper ( IP ) in the first to third paragraphs.)

International Paper ( IP ) said Tuesday it has filed formal notification seeking the European Commission's antitrust approval for its proposed acquisition of British packaging company DS Smith.

The company told MT Newswires that the filing, consistent with its earlier estimate of closing early in Q1 2025, triggers the phase 1 process, during which it will address any concerns raised by the EC.

International Paper ( IP ) said the latest clearance date under the process is Jan. 24, 2025, assuming approval in phase 1.

International Paper's ( IP ) stock deal for DS Smith had an implied transaction value of about $9.9 billion when it was announced in April.

Citing an EC filing, Reuters reported earlier Tuesday that International Paper's ( IP ) proposed acquisition of DS Smith will be decided by European Union antitrust regulators by Jan. 10, 2025.

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