AbitibiBowater announces intention to sell approximately 76,700 hectares of select timberland assets in Québec
ABH (NYSE, TSX)
MONTREAL, Oct. 28 /CNW Telbec/ - AbitibiBowater announced today that it
intends to divest three forest units located in the Mauricie and
Bas-Saint-Laurent regions in the Province of Québec, Canada. These timberland
assets include the Seigneuries of Perthuis, Nicolas-Riou and Lac Métis, which
comprise a total area of approximately 76,724 hectares (or 189,508 acres) and
have a timber inventory of over 7.7 million cubic meters. Scotia Capital Inc.
has been retained as exclusive financial advisor for the sale process, and all
inquiries or expressions of interest should be forwarded directly to their
attention.
AbitibiBowater produces a wide range of newsprint, commercial printing
papers, market pulp and wood products. It is the eighth largest publicly
traded pulp and paper manufacturer in the world. AbitibiBowater owns or
operates 27 pulp and paper facilities and 34 wood products facilities located
in the United States, Canada, the United Kingdom and South Korea. Marketing
its products in more than 90 countries, the Company is also among the world's
largest recyclers of old newspapers and magazines, and has more third-party
certified sustainable forest land than any other company in the world.
AbitibiBowater's shares trade under the stock symbol ABH on both the New York
Stock Exchange and the Toronto Stock Exchange.
Cautionary Statement Regarding Forward-Looking Information
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Statements in this news release that are not reported financial results
or other historical information are "forward-looking statements" within the
meaning of the U.S. Private Securities Litigation Reform Act of 1995. They
include, for example, statements about our intention to divest three forest
units. The reader is cautioned not to place undue reliance on these
forward-looking statements, which are not guarantees of future performance.
These statements are based on management's current assumptions, beliefs and
expectations, all of which involve a number of business risks and
uncertainties. These risks and uncertainties include, but are not limited to,
the ability to divest the forest units on terms satisfactory to AbitibiBowater
and its subsidiaries or at all, industry conditions generally impacting the
attractiveness of these timberlands to potential purchasers, and the ability
of potential purchasers to obtain any needed financing to complete a purchase
of these units. All forward-looking statements in this news release are
expressly qualified by information contained in AbitibiBowater's filings with
the U.S. Securities and Exchange Commission and the Canadian securities
regulatory authorities. AbitibiBowater disclaims any obligation to update or
revise any forward-looking information.
