Pursuits
Weyerhaeuser to Buy Timber Rival Plum Creek for $8.4 Billion
- Merger to create largest private owner of timberland in U.S.
- `Unique opportunity to combine,' Weyerhaeuser CEO says
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Weyerhaeuser Co. agreed to buy Plum Creek Timber Co. for about $8.4 billion to create a real estate investment trust that will be the largest private owner of timberland in the U.S.
Plum Creek stockholders will get 1.6 shares of Weyerhaeuser for each share they own, the companies said in a statement Sunday. The deal carries a 21 percent premium to Plum Creek’s closing price on Friday. Federal Way, Washington-based Weyerhaeuser plans a $2.5 billion stock buyback shortly after the completion of the deal, which is expected late in the first quarter of next year or early in the second quarter.