Abitibi-Consolidated and Bowater complete merger
October 30, 2007 By Pulp & Paper Canada
Montreal, QC and Greenville, SC — AbitibiBowater has announced that it has completed the merger of equals of Abiti…
Montreal, QC and Greenville, SC — AbitibiBowater has announced that it has completed the merger of equals of Abitibi-Consolidated and Bowater Incorporated, making it the third largest publicly traded paper and forest products company in North America and the eighth largest in the world. AbitibiBowater is a U.S. reporting company, reporting in U.S. GAAP, with headquarters and executive offices in Montreal, QC. Common stock will trade under the ticker symbol of ABH.
The company expects to achieve annualized synergies of at lease US$250 million within two years from improved efficiencies. John W. Weaver, Bowaters executive chairman notes, “By combining Abitibi-Consolidated and Bowater, we have created a global leader that is well positioned to compete in an increasingly challenging global market. We look forward to drawing on the best practices from both organizations and on the strengths of a proven management team to deliver greater value to our stockholders, customers, employees and other stakeholders.”
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