The final hurdle has been cleared in Paper Excellence’s takeover of Domtar.
Both companies have received Canadian Competition Bureau approval to proceed, with Karta Halten B.V., an affiliate of Paper Excellence, acquiring all of the issued and outstanding shares of Domtar common stock for $55.50 per share.
The deal, considered to be worth $3 billion, was reached on May 11 and overwhelmingly approved by Domtar shareholders in July.
The final condition to the closure of the merger is a requirement to sell Domtar’s pulp mill in Kamloops, B.C.
Officials say the transaction remains on course to close in the fourth quarter of this year.
Paper Excellence, a global diversified manufacturer of pulp and specialty, printing, writing and packaging papers, operates seven mills in Canada producing and shipping over 2.8 million tonnes of product annually with a workforce of more than 2,800.
