Weyerhaeuser Company (NYSE:WY) today announced the early termination of
the Hart-Scott-Rodino review process of the company’s
sale of its Containerboard Packaging and Recycling business to
International Paper (NYSE:IP) for $6 billion in cash.
Weyerhaeuser said the Federal Trade Commission granted early termination
on May 2, 2008, following the conclusion of the U.S. Department of
Justice's review of the sale.
“We are very pleased with this decision by the
Department of Justice,” said Daniel S. Fulton,
president and chief executive officer. “This
was an essential condition to the transaction and is a major step
towards closing the transaction. Both companies remain focused on
finalizing the transaction in the third quarter.”
Weyerhaeuser Company, one of the world’s
largest forest products companies, was incorporated in 1900. In 2007,
sales were $16.3 billion. It has offices or operations in 13 countries,
with customers worldwide. Weyerhaeuser is principally engaged in the
growing and harvesting of timber; the manufacture, distribution and sale
of forest products; and real estate construction, development and
related activities. Additional information about Weyerhaeuser’s
businesses, products and practices is available at http://www.weyerhaeuser.com.
|