Canadian Regulators Clear AbitibiBowater Deal
July 25, 2007 - Abitibi-Consolidated and Bowater said that the Federal Minister of Industry, under the Investment Canada Act, has approved the proposed combination of Abitibi-Consolidated and Bowater.
This announcement follows [July 24] positive developments with the decision by the Canadian Competition Bureau to allow the combination to proceed. This effectively completes the review by Canadian regulatory authorities, Abitibi-Consolidated said.
In connection with the review and approval of the deal under the Investment Canada Act, AbitibiBowater Inc. agreed among other things, for a period of three years after closing, to maintain its headquarters in Montreal, Canada; to maintain at least five Canadians on its Board of Directors; and to apply for listing of its common stock on the Toronto Stock Exchange.
The merger is expected to close in the third quarter of 2007.
SOURCE: Abitibi-Consolidated Inc.