International Paper made a $7 billion offer for Britain's DS Smith

Mondi had reached an agreement in principle for an all-share offer to buy DS Smith for 5.14 billion pounds. International Paper had agreed to buy the British company for $7 billion earlier this month. Mondi said it would buy the company for around $5 billion.

International Paper is exploring a formal offer that would gatecrash an agreed £10bn tie-up between London-listed DS Smith and Mondi, Sky News can reveal. International Paper's offer would be a £5bn-plus counter bid from DS Smith, says Sky News.