Koch Forest Products, a subsidiary of Koch, made a 28 per share offer, of which 89%, more than 237m shares, were tendered. The deal to buy Georgia-Pacific was announced by Koch in November.

The firm intends to exercise its right under the merger agreement to purchase newly issued shares in Georgia-Pacific to increase its stake to 90%.

Once the option has been exercised, Koch will complete the acquisition of Georgia-Pacific through a short-form merger.

Georgia-Pacific is one of the world's leading producers of pulp, paper and packaging board products.

The firm employs 55,000 staff in the US and Europe and has annual sales of 11.5bn.