International Paper Company is reviewing “unsolicited inbound inquiries” about its EMEA Packaging Business and is engaging with “potential bidders”.

The company has not indicated whether the discussions will result in a transaction.

The review is at an early stage, and a sale may not be agreed or completed.

International Paper first disclosed in January that it intended to separate the EMEA packaging business through a spin off.

It later said the separation was expected to involve a listing on the London Stock Exchange, supported by a Level II ADR programme on the New York Stock Exchange.

The company is pursuing the proposed spin off while considering a sale of the business. It has not finalised the timing or structure of the separation from International Paper.

Under the proposed reorganisation, International Paper’s existing North American operations would remain with International Paper as one publicly traded company.

The EMEA packaging operations would form a second publicly traded company.

The North American business would include operations from DS Smith, acquired by International Paper last year, as well as the company’s existing assets.

International Paper acquired Delmarva Corrugated Packaging (DCP), a packaging facility in Dover, Delaware, US, in May.

The company agreed in April to purchase North Pacific Paper Company (NORPAC) from One Rock Capital Partners for $360m. NORPAC employs 500 people and operates three paper machines, with annual production of around one million tonnes of containerboard and other paper grades.