Georgia-Pacific one step closer to closing purchase of some Grant Forest Products facilities

Georgia-Pacific moved one step closer to completing its acquisition of Grant Forest Products' oriented strand board (OSB) facility at Englehart, Ontario, the associated facility at Earlton, Ontario, and OSB facilities at Allendale and Clarendon, S.C.

Although Georgia-Pacific is still waiting for approval from the Canadian bankruptcy court overseeing Grant's Companies' Creditors Arrangement Act (CCAA) filing, it has now cleared the United States Federal Trade Commission's (FTC) antitrust review of the transaction. Georgia-Pacific received a letter in February from the Canadian Competition Bureau that similarly stated it found no competitive risk in the acquisition.

Following anticipated U.S. and Canadian bankruptcy court approvals and other regulatory approvals, the transaction is expected to close in the first half of 2010.

Source:

U.S. Federal Trade Commission Action Moves Georgia-Pacific One Step Closer to Acquisition of Certain Grant Forest Products Facilities (PRNewswire)