An investment of $1 billion will have even greater payoffs, New York investment firm Third Avenue Management LLC is…
An investment of $1 billion will have even greater payoffs, New York investment firm Third Avenue Management LLC is hoping.
According to a report by Canwest News Service, the firm has poured $1 billion into the Canadian forest sector, in the anticipation of pulling in substantial revenues from future mill shutdowns and mergers.
Third Avenue owns significant chunks of Catalyst Paper and Abitibi Consolidated, and is now, according to the report, threatening BC billionaire Jim Pattisons spot as the major shareholder in lumber giant Canfor Corp.
The issues are too sensitive to discuss at this time, Canwest reported Third Avenue representative Bridget Smith as saying, referring to a battle within Canfor over a plan supported by Third Avenue to remove that companys poison pill. However, in its own publications, Third Avenue lays out an investment strategy that includes buying into an entire industrial sector and then waiting for opportunities to shut down capacity and consolidate companies to generate profits.
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