Consolidation is heating up in the paper and packaging industry, and speculation is building that International Paper (NYSE: IP) could be among the targets for a deal.

Shares of IP gained 29% in May, according to data provided by S&P Global Market Intelligence, on investor hopes that a big offer could be in the company's future.

Paper and packaging remain in demand even in a digital world, and the industry has seen a number of deals in recent years as companies battle to build out their global presence. International Paper is among the would-be buyers, agreeing to acquire British rival DS Smith earlier this year.

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Source Fool.com