Abitibi-Consolidated and Bowater are holding shareholder meetings to vote on their proposed merger.
Abitibi-Consolidated and Bowater are holding shareholder meetings to vote on their proposed merger.
On July 26, each company will hold a respective meeting where shareholders can cast a vote in favour, or disapproval of the companies combining their operations.
For Abitibi, a green light on the merger requires the affirmative vote of not less than two-thirds of the votes cast. For Bowater, an affirmative vote of a majority of the total voting power of all outstanding shares of Bowater common stock and special voting stock entitled to vote at the meeting is required.
If the merger is approved, the proposed company, called AbitibiBowater, will be positioned as the third largest publicly traded paper and forest products company in North America, and the eighth largest in the world.
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