Takeover on the card for Verso

Shares in New York-listed coated paper producer Verso Paper more than doubled yesterday after it said it would buy privately held NewPage Holdings for $900m in cash and bonds. The combined company will have annual sales of about $4.5bn and 11 manufacturing facilities located in six US states. NewPage, which emerged from Chapter 11 bankruptcy in December 2012, had said last month it would delay a planned initial public offering.