Willamette in Talks to Buy G-P Unit
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Willamette Industries Inc., which is trying to block a hostile takeover bid from rival paper and lumber maker Weyerhaeuser Co., said it is in talks to buy Georgia-Pacific Group’s lumber business.
Investors have said such a transaction could thwart Weyerhaeuser’s 13-month, $7.18-billion bid for Willamette.
Willamette has called Weyerhaeuser’s $50-a-share offer too low. Weyerhaeuser is trying to defeat Willamette’s poison-pill takeover defense by adding supporters of the offer to the rival’s board.
“This has nothing to do with Weyerhaeuser,” Willamette spokeswoman Jackie Lang said. “Building products is a key segment for us, and we believe that their assets would be a good fit.”
A Weyerhaeuser spokesman said the company is studying the situation.
Shares of Willamette, based in Portland, Ore., fell 60 cents to $46.40 on the New York Stock Exchange.
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