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UPDATE 1-International Paper clinches $7.20 bln all-share deal to buy DS Smith

International Paper said on Tuesday it had agreed to an all-share deal to buy DS Smith , valuing the British paper and packaging firm at 5.8 billion pounds ($7.20 billion). Upon completion of the combination, DS Smith shareholders will own about 33.7% and International Paper shareholders will own the rest of the combined company, which plans to seek a secondary listing in London. DS Smith said it would recommend shareholder to back the deal with International Paper, adding that it had recently received proposals from both International Paper and Mondi , but the U.S. company was now in a position to make a firm offer.