Canada’s Competition Bureau has decided not to challenge the closing of a proposed combination of Domtar with Weyerhaeuser’s fine paper business.
The U.S. Department of Justice made a similar ruling late last year.
"We are very pleased with these decisions from the Canadian and U.S. authorities," said Raymond Royer, Domtar's president and CEO. "This was an essential condition for the transaction. This major step towards closing now enables us to seek approval from our shareholders and start developing a plan to better meet the needs of customers across North America in a competitive marketplace," added Royer.
The $3.3 billion merger of the fine paper unit of Weyerhaeuser with Domtar is expected to be voted on by Domtar shareholders by next month.
After the merger of the two operations Domtar will receive eight Weyerhaeuser paper and pulp mills in North America, making it the largest marketer of printing and writing paper in North America.
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