PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY
A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR
MORE
Rule 8.3 of the Takeover Code (the "Code")
| 1. | KEY INFORMATION | |
| (a) Full name of discloser:
| BNP Paribas SA |
| (b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named. | |
| (c) Name of offeror/offeree in relation to whose relevant securities this form relates: Use a separate form for each offeror/offeree | International Paper Company |
| (d) If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree: | |
| (e) Date position held/dealing undertaken: For an opening position disclosure, state the latest practicable date prior to the disclosure | 17/12/2024 |
| (f) In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer? If it is a cash offer or possible cash offer, state "N/A" | Yes: Smith (DS) plc |
| 2. | POSITIONS OF THE PERSON MAKING THE DISCLOSURE | |
| If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security. | |
| (a) | Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any) | |
| Class of relevant security:
| US4601461035 (common stock) |
|
| Interests
| Short Positions
|
| | Number | % | Number | % |
| (1) Relevant securities owned and/or controlled: | 3,819,312 | 1.10 | -2,962,318 | -.85 |
| (2) Cash-settled derivatives:
| 943,860 | .27 | -5,443,130 | -1.57 |
| (3) Stock-settled derivatives (including options) and agreements to purchase/sell: | 1,958,700 | .56 | -2,443,200 | -.70 |
| TOTAL: | 6,721,872 | 1.94 | -10,848,648 | -3.12 |
| All interests and all short positions should be disclosed. | |
| Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions). | |
| (b) | Rights to subscribe for new securities (including directors'' and other employee options) | |
| Class of relevant security in relation to which subscription right exists: | |
| Details, including nature of the rights concerned and relevant percentages: | |
| 3. | DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE | |
| Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in. | |
| The currency of all prices and other monetary amounts should be stated. | |
| (a) | Purchases and sales | |
| Class of relevant security | Purchase/sale | Number of securities | Price per unit |
| US4601461035 | Purchase | 1 | 55.2040 USD |
| US4601461035 | Purchase | 1 | 55.2112 USD |
| US4601461035 | Purchase | 1 | 55.2352 USD |
| US4601461035 | Purchase | 1 | 55.2400 USD |
| US4601461035 | Purchase | 1 | 55.2553 USD |
| US4601461035 | Purchase | 1 | 55.2576 USD |
| US4601461035 | Purchase | 1 | 55.2591 USD |
| US4601461035 | Purchase | 1 | 55.2652 USD |
| US4601461035 | Purchase | 1 | 55.2930 USD |
| US4601461035 | Purchase | 1 | 55.3079 USD |
| US4601461035 | Purchase | 1 | 55.3084 USD |
| US4601461035 | Purchase | 1 | 55.3101 USD |
| US4601461035 | Purchase | 1 | 55.3169 USD |
| US4601461035 | Purchase | 1 | 55.3192 USD |
| US4601461035 | Purchase | 1 | 55.3295 USD |
| US4601461035 | Purchase | 1 | 55.3448 USD |
| US4601461035 | Purchase | 1 | 55.3459 USD |
| US4601461035 | Purchase | 1 | 55.3471 USD |
| US4601461035 | Purchase | 1 | 55.3507 USD |
| US4601461035 | Purchase | 1 | 55.3515 USD |
| US4601461035 | Purchase | 1 | 55.3518 USD |
| US4601461035 | Purchase | 1 | 55.3536 USD |
| US4601461035 | Purchase | 1 | 55.3565 USD |
| US4601461035 | Purchase | 1 | 55.3567 USD |
| US4601461035 | Purchase | 1 | 55.3582 USD |
| US4601461035 | Purchase | 1 | 55.3615 USD |
| US4601461035 | Purchase | 1 | 55.3684 USD |
| US4601461035 | Purchase | 1 | 55.3684 USD |
| US4601461035 | Purchase | 1 | 55.5298 USD |
| US4601461035 | Purchase | 1 | 55.5300 USD |
| US4601461035 | Purchase | 1 | 55.5300 USD |
| US4601461035 | Purchase | 1 | 55.5400 USD |
| US4601461035 | Purchase | 2 | 55.2750 USD |
| US4601461035 | Purchase | 2 | 55.3442 USD |
| US4601461035 | Purchase | 2 | 55.3499 USD |
| US4601461035 | Purchase | 2 | 55.4644 USD |
| US4601461035 | Purchase | 3 | 55.2400 USD |
| US4601461035 | Purchase | 3 | 55.5100 USD |
| US4601461035 | Purchase | 4 | 55.5143 USD |
| US4601461035 | Purchase | 6 | 55.4868 USD |
| US4601461035 | Purchase | 7 | 55.2400 USD |
| US4601461035 | Purchase | 8 | 55.2400 USD |
| US4601461035 | Purchase | 8 | 55.5295 USD |
| US4601461035 | Purchase | 8 | 55.5400 USD |
| US4601461035 | Purchase | 9 | 55.5400 USD |
| US4601461035 | Purchase | 10 | 55.5295 USD |
| US4601461035 | Purchase | 13 | 55.4279 USD |
| US4601461035 | Purchase | 14 | 55.2400 USD |
| US4601461035 | Purchase | 14 | 55.5200 USD |
| US4601461035 | Purchase | 19 | 55.2400 USD |
| US4601461035 | Purchase | 20 | 55.1600 USD |
| US4601461035 | Purchase | 20 | 55.3400 USD |
| US4601461035 | Purchase | 20 | 55.3900 USD |
| US4601461035 | Purchase | 20 | 55.4200 USD |
| US4601461035 | Purchase | 20 | 55.5400 USD |
| US4601461035 | Purchase | 21 | 55.2400 USD |
| US4601461035 | Purchase | 30 | 55.5400 USD |
| US4601461035 | Purchase | 40 | 55.2400 USD |
| US4601461035 | Purchase | 40 | 55.5400 USD |
| US4601461035 | Purchase | 100 | 55.2400 USD |
| US4601461035 | Purchase | 100 | 55.2400 USD |
| US4601461035 | Purchase | 106 | 55.2400 USD |
| US4601461035 | Purchase | 134 | 55.2400 USD |
| US4601461035 | Purchase | 265 | 55.2400 USD |
| US4601461035 | Purchase | 331 | 55.2400 USD |
| US4601461035 | Purchase | 400 | 55.2400 USD |
| US4601461035 | Purchase | 400 | 55.2400 USD |
| US4601461035 | Purchase | 400 | 55.2400 USD |
| US4601461035 | Purchase | 434 | 55.2400 USD |
| US4601461035 | Purchase | 442 | 55.2400 USD |
| US4601461035 | Purchase | 694 | 55.2400 USD |
| US4601461035 | Purchase | 700 | 55.2400 USD |
| US4601461035 | Purchase | 800 | 55.2400 USD |
| US4601461035 | Purchase | 800 | 55.2400 USD |
| US4601461035 | Purchase | 1,072 | 55.2400 USD |
| US4601461035 | Purchase | 2,018 | 55.2400 USD |
| US4601461035 | Purchase | 5,100 | 55.2400 USD |
| US4601461035 | Purchase | 5,200 | 55.2400 USD |
| US4601461035 | Purchase | 11,832 | 55.2400 USD |
| US4601461035 | Purchase | 11,832 | 55.2400 USD |
| US4601461035 | Sale | -11,832 | 55.2400 USD |
| US4601461035 | Sale | -11,685 | 55.2400 USD |
| US4601461035 | Sale | -3,690 | 55.2400 USD |
| US4601461035 | Sale | -2,219 | 55.2400 USD |
| US4601461035 | Sale | -1,457 | 55.3115 USD |
| US4601461035 | Sale | -124 | 55.2400 USD |
| US4601461035 | Sale | -38 | 55.3600 USD |
| US4601461035 | Sale | -34 | 55.5800 USD |
| US4601461035 | Sale | -20 | 55.2100 USD |
| US4601461035 | Sale | -20 | 55.2700 USD |
| US4601461035 | Sale | -20 | 55.2700 USD |
| US4601461035 | Sale | -20 | 55.2900 USD |
| US4601461035 | Sale | -20 | 55.3100 USD |
| US4601461035 | Sale | -20 | 55.3200 USD |
| US4601461035 | Sale | -20 | 55.3300 USD |
| US4601461035 | Sale | -20 | 55.3300 USD |
| US4601461035 | Sale | -20 | 55.3300 USD |
| US4601461035 | Sale | -20 | 55.3500 USD |
| US4601461035 | Sale | -20 | 55.3600 USD |
| US4601461035 | Sale | -20 | 55.4400 USD |
| US4601461035 | Sale | -20 | 55.4700 USD |
| US4601461035 | Sale | -20 | 55.4800 USD |
| US4601461035 | Sale | -20 | 55.5300 USD |
| US4601461035 | Sale | -20 | 55.5400 USD |
| US4601461035 | Sale | -20 | 55.5400 USD |
| US4601461035 | Sale | -20 | 55.5500 USD |
| US4601461035 | Sale | -20 | 55.5600 USD |
| US4601461035 | Sale | -20 | 55.5600 USD |
| US4601461035 | Sale | -20 | 55.5600 USD |
| US4601461035 | Sale | -20 | 55.5700 USD |
| US4601461035 | Sale | -19 | 55.2400 USD |
| US4601461035 | Sale | -19 | 55.3600 USD |
| US4601461035 | Sale | -18 | 55.1850 USD |
| US4601461035 | Sale | -18 | 55.3700 USD |
| US4601461035 | Sale | -16 | 55.1600 USD |
| US4601461035 | Sale | -15 | 55.1600 USD |
| US4601461035 | Sale | -13 | 55.4279 USD |
| US4601461035 | Sale | -10 | 55.2200 USD |
| US4601461035 | Sale | -10 | 55.5295 USD |
| US4601461035 | Sale | -8 | 55.5295 USD |
| US4601461035 | Sale | -8 | 55.5400 USD |
| US4601461035 | Sale | -6 | 55.4868 USD |
| US4601461035 | Sale | -5 | 55.1500 USD |
| US4601461035 | Sale | -4 | 55.1600 USD |
| US4601461035 | Sale | -4 | 55.2400 USD |
| US4601461035 | Sale | -4 | 55.2800 USD |
| US4601461035 | Sale | -4 | 55.2946 USD |
| US4601461035 | Sale | -4 | 55.5143 USD |
| US4601461035 | Sale | -3 | 55.5673 USD |
| US4601461035 | Sale | -2 | 55.2750 USD |
| US4601461035 | Sale | -2 | 55.3442 USD |
| US4601461035 | Sale | -2 | 55.3499 USD |
| US4601461035 | Sale | -2 | 55.4644 USD |
| US4601461035 | Sale | -2 | 55.6688 USD |
| US4601461035 | Sale | -1 | 55.1660 USD |
| US4601461035 | Sale | -1 | 55.2040 USD |
| US4601461035 | Sale | -1 | 55.2112 USD |
| US4601461035 | Sale | -1 | 55.2112 USD |
| US4601461035 | Sale | -1 | 55.2330 USD |
| US4601461035 | Sale | -1 | 55.2352 USD |
| US4601461035 | Sale | -1 | 55.2442 USD |
| US4601461035 | Sale | -1 | 55.2529 USD |
| US4601461035 | Sale | -1 | 55.2553 USD |
| US4601461035 | Sale | -1 | 55.2576 USD |
| US4601461035 | Sale | -1 | 55.2591 USD |
| US4601461035 | Sale | -1 | 55.2652 USD |
| US4601461035 | Sale | -1 | 55.2656 USD |
| US4601461035 | Sale | -1 | 55.2750 USD |
| US4601461035 | Sale | -1 | 55.2783 USD |
| US4601461035 | Sale | -1 | 55.2800 USD |
| US4601461035 | Sale | -1 | 55.2862 USD |
| US4601461035 | Sale | -1 | 55.2900 USD |
| US4601461035 | Sale | -1 | 55.2900 USD |
| US4601461035 | Sale | -1 | 55.2930 USD |
| US4601461035 | Sale | -1 | 55.3079 USD |
| US4601461035 | Sale | -1 | 55.3084 USD |
| US4601461035 | Sale | -1 | 55.3084 USD |
| US4601461035 | Sale | -1 | 55.3101 USD |
| US4601461035 | Sale | -1 | 55.3160 USD |
| US4601461035 | Sale | -1 | 55.3169 USD |
| US4601461035 | Sale | -1 | 55.3192 USD |
| US4601461035 | Sale | -1 | 55.3233 USD |
| US4601461035 | Sale | -1 | 55.3275 USD |
| US4601461035 | Sale | -1 | 55.3295 USD |
| US4601461035 | Sale | -1 | 55.3328 USD |
| US4601461035 | Sale | -1 | 55.3355 USD |
| US4601461035 | Sale | -1 | 55.3359 USD |
| US4601461035 | Sale | -1 | 55.3414 USD |
| US4601461035 | Sale | -1 | 55.3418 USD |
| US4601461035 | Sale | -1 | 55.3448 USD |
| US4601461035 | Sale | -1 | 55.3459 USD |
| US4601461035 | Sale | -1 | 55.3467 USD |
| US4601461035 | Sale | -1 | 55.3471 USD |
| US4601461035 | Sale | -1 | 55.3474 USD |
| US4601461035 | Sale | -1 | 55.3498 USD |
| US4601461035 | Sale | -1 | 55.3499 USD |
| US4601461035 | Sale | -1 | 55.3507 USD |
| US4601461035 | Sale | -1 | 55.3515 USD |
| US4601461035 | Sale | -1 | 55.3518 USD |
| US4601461035 | Sale | -1 | 55.3536 USD |
| US4601461035 | Sale | -1 | 55.3565 USD |
| US4601461035 | Sale | -1 | 55.3565 USD |
| US4601461035 | Sale | -1 | 55.3566 USD |
| US4601461035 | Sale | -1 | 55.3567 USD |
| US4601461035 | Sale | -1 | 55.3573 USD |
| US4601461035 | Sale | -1 | 55.3582 USD |
| US4601461035 | Sale | -1 | 55.3598 USD |
| US4601461035 | Sale | -1 | 55.3615 USD |
| US4601461035 | Sale | -1 | 55.3617 USD |
| US4601461035 | Sale | -1 | 55.3662 USD |
| US4601461035 | Sale | -1 | 55.3670 USD |
| US4601461035 | Sale | -1 | 55.3684 USD |
| US4601461035 | Sale | -1 | 55.3684 USD |
| US4601461035 | Sale | -1 | 55.4160 USD |
| US4601461035 | Sale | -1 | 55.4232 USD |
| US4601461035 | Sale | -1 | 55.4427 USD |
| US4601461035 | Sale | -1 | 55.5298 USD |
| US4601461035 | Sale | -1 | 55.5393 USD |
| US4601461035 | Sale | -1 | 55.6110 USD |
| US4601461035 | Sale | -1 | 55.6310 USD |
| (b) | Cash-settled derivative transactions | |
| Class of relevant security | Product description e.g. CFD | Nature of dealing e.g. opening/closing a long/short position increasing/reducing a long/short position | Number of references securities | Price per unit |
| US4601461035 | Contract for Difference | Opening Long Position | 262 | 55.2400 |
| US4601461035 | Contract for Difference | Increasing Long Position | 1,957 | 55.2400 USD |
| (c) | Stock-settled derivative transactions (including options) | |
| (i) | Writing, selling, purchasing or varying | |
| Class of relevant security | Product description e.g. call option | Writing, purchasing, selling, varying etc. | Number of securities to which option relates | Exercise price per unit | Type e.g. American European etc. | Expiry date | Option money paid/ received per unit |
|
|
|
|
|
|
|
|
|
| (ii) | Exercise | |
| Class of relevant security | Product description e.g. call option | Exercising/ exercised against | Number of securities | Exercise price per unit |
|
|
|
|
|
|
| (d) | Other dealings (including subscribing for new securities) | |
| Class of relevant security | Nature of dealing e.g. subscription, conversion | Details | Price per unit (if applicable) |
|
|
|
|
|
| 4. | Other Information | |
| (a) | Indemnity and other dealing arrangements | |
| Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer: Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state "none" |
|
None
|
| (b) | Indemnity and other dealing arrangements | |
| Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to: (i) the voting rights of any relevant securities under any option; or (ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced: If there are no such agreements, arrangements or understandings, state "none" |
|
None
|
| (c) | Attachments | |
| Is a supplemental Form 8 (Open Positions) attached?
| Yes |
| Date of Disclosure:
| 18/12/2024 |
| Contact Name
| Compliance Control Room |
| Telephone Number:
| 0207 595 9695 |
| Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service. | |
| The Panel's Market Surveillance Unit is available for consultation in relation to the Code's disclosure requirements on +44 (0)20 7638 0129. | |
| *If the discloser is a natural person, a telephone number does not need to be included, provided contact information has been provided to the Panel's Market Surveillance Unit. | |
| The Code can be viewed on the Panel's website at www.thetakeoverpanel.org.uk | |
DETAILS OF OPEN STOCK-SETTLED DERIVATIVE (INCLUDING OPTION) POSITIONS,
AGREEMENTS TO PURCHASE OR SELL ETC.
Note 5(i) on Rule 8 of the Takeover Code (the "Code")
| 1. | KEY INFORMATION | |
| Full name of person making disclosure:
| BNP Paribas SA |
| Name of offeror/offeree in relation to whose relevant securities the disclosure relates: | International Paper Company |
| 2. | STOCK-SETTLED DERIVATIVES (INCLUDING OPTIONS) | |
| Class of relevant security | Product description e.g. call option | Written or purchased | Number of securities to which option or derivative relates | Exercise price per unit | Type e.g. American, European etc. | Expiry date |
| common stock (US4601461035) | Call Option | P | 24900 | 55.24 | american | 17/01/2025 |
| common stock (US4601461035) | Put Option | W | 333400 | 55.24 | european | 14/10/2025 |
| common stock (US4601461035) | Call Option | W | -89300 | 55.24 | american | 20/06/2025 |
| common stock (US4601461035) | Call Option | W | -88200 | 55.24 | american | 19/09/2025 |
| common stock (US4601461035) | Call Option | W | -83700 | 55.24 | american | 20/06/2025 |
| common stock (US4601461035) | Call Option | W | -63400 | 55.24 | american | 20/06/2025 |
| common stock (US4601461035) | Call Option | W | -58200 | 55.24 | american | 17/04/2025 |
| common stock (US4601461035) | Call Option | W | -50000 | 55.24 | american | 17/04/2025 |
| common stock (US4601461035) | Call Option | W | -50000 | 55.24 | american | 19/09/2025 |
| common stock (US4601461035) | Call Option | W | -49700 | 55.24 | american | 17/10/2025 |
| common stock (US4601461035) | Call Option | W | -45000 | 55.24 | american | 17/01/2025 |
| common stock (US4601461035) | Call Option | W | -25000 | 55.24 | american | 17/10/2025 |
| common stock (US4601461035) | Call Option | W | -8800 | 55.24 | american | 20/06/2025 |
| common stock (US4601461035) | Call Option | W | -4900 | 55.24 | american | 19/09/2025 |
| common stock (US4601461035) | Put Option | W | 10300 | 55.24 | american | 20/06/2025 |
| common stock (US4601461035) | Put Option | W | 24500 | 55.24 | american | 19/09/2025 |
| common stock (US4601461035) | Put Option | W | 26900 | 55.24 | american | 17/10/2025 |
| common stock (US4601461035) | Put Option | W | 30000 | 55.24 | american | 17/04/2025 |
| common stock (US4601461035) | Put Option | W | 50000 | 55.24 | american | 17/01/2025 |
| common stock (US4601461035) | Put Option | W | 50000 | 55.24 | american | 20/06/2025 |
| common stock (US4601461035) | Put Option | W | 52900 | 55.24 | american | 17/01/2025 |
| common stock (US4601461035) | Put Option | W | 75000 | 55.24 | american | 17/04/2025 |
| common stock (US4601461035) | Put Option | W | 85400 | 55.24 | american | 19/09/2025 |
| common stock (US4601461035) | Put Option | W | 128800 | 55.24 | american | 20/06/2025 |
| common stock (US4601461035) | Put Option | W | 200000 | 55.24 | american | 16/01/2026 |
| common stock (US4601461035) | Call Option | W | -543500 | 55.24 | european | 14/10/2025 |
| common stock (US4601461035) | Call Option | W | -543300 | 55.24 | european | 13/10/2025 |
| common stock (US4601461035) | Call Option | W | -543300 | 55.24 | european | 15/10/2025 |
| common stock (US4601461035) | Put Option | W | 333300 | 55.24 | european | 13/10/2025 |
| common stock (US4601461035) | Put Option | W | 333300 | 55.24 | european | 15/10/2025 |
| common stock (US4601461035) | Call Option | W | -151900 | 55.24 | american | 17/01/2025 |
| 3. | AGREEMENTS TO PURCHASE OR SELL ETC. | |
| Full details should be given so that the nature of the interest or position can be fully understood: |
|
|
| It is not necessary to provide details on a Supplemental Form (Open Positions) with regard to cash-settled derivatives. | |
| The currency of all prices and other monetary amounts should be stated. | |
| The Panel's Market Surveillance Unit is available for consultation in relation to the Code's disclosure requirements on +44 (0)20 7638 0129. | |
| The Code can be viewed on the Panel's website at www.thetakeoverpanel.org.uk | |
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