West Fraser Timber falls from peak as co denies deal talks
19/07/2022 19:22
(Updates with company statement)
** U.S.-listed shares of Canadian lumber firm West Fraser
Timber WFG.N up 13.8% at $94.70, as they resume trading
following early afternoon trading halt
** WFG issues statement regarding recent market
"speculation," saying it has previously met with Kronospan, an
existing shareholder, and CVC Capital Partners, but says it "has
not received a proposal and there are no ongoing discussions
regarding the terms of any transaction" urn:newsml:reuters.com:*:nPnc1lm8Ma
** U.S.-listed shares on Tues soared as much as 23.5% to
record high of $102.66 on report PE firm CVC and Kronospan
submitted joint expression of interest to acquire the co,
sources told Reuters urn:newsml:reuters.com:*:nL1N2Z00SW
** WFG had roughly $8.2 bln market cap as of last close, per
Refinitiv data
** Shares of other forest products cos also rising on the
session: Louisiana-Pacific Corp LPX.N 4.2%, Weyerhaeuser Co
WY.N 2.6% and Boise Cascade Co BCC.N 4.3%
(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))