Richmond, B.C.-based Paper Excellence has focused in the past on pulp and paper, but the real prize is Montreal-based Resolute’s lumber assets. Wood products such as softwood lumber accounted for nearly 45 per cent of Resolute’s revenue from Canadian and U.S. operations in the first nine months of 2022.that it approved the proposed acquisition of Resolute, subject to conditions, specifically that Paper Excellence’s wholly owned Domtar Corp. division sell its pulp mill in Dryden, Ont.
For example, Paper Excellence said that with demand for newsprint declining, it is considering eventually halting Resolute’s Gatineau newsprint mill in Quebec and converting the site to instead manufacture packaging paper. But with the transaction subject to other conditions being met, such as approval from the U.S. Department of Justice, Resolute stock is still trading below US$23.44 a share. Resolute’s share price rose 1 per cent to close at US$21.50 on Friday on the New York Stock Exchange.
The divestments will also ensure that healthy competition is maintained to allow for fair pricing of wood fibre supplies at private timberlands in northwest Ontario, the competition watchdog said. Greenpeace Canada said this week that it is worried about the Competition Bureau’s recent consent agreement for Paper Excellence to forge ahead with its takeover plans, subject to pacts to sell the two Ontario mills after the merger closes.
Mr. Kursman said environmental groups have unfairly targeted Canada’s forestry industry. “I am certainly not going to let them define us,” he said.
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