Weyerhaeuser sells its BC timber assets to Brascan

Date Closed: 5/30/2005

Value: C$1.2 billion

On May 30, 2005, Brascan Corp. completed the acquisition of Weyerhaeuser Company Ltd.’s British Columbia coastal business for approximately $1.2 billion, plus working capital, a transaction that included: 635,000 acres of freehold timberlands; and five sawmills, two remanufacturing facilities and 3.6 million (m3) of associated annual Crown harvest rights. The freehold timberlands will be operated by Islands Timberlands LP and Cascadia Forest Products Ltd. will own and operate the sawmills, remanufacturing facilities and Crown harvest lands.

Weyerhaeuser was represented on all aspects of the disposition by BLG with a team from Vancouver that included Neil de Gelder, Q.C., Nigel Cave and Sean Muggah (corporate commercial), Bruce Sinclair (tax), Robert Owen (forestry), Patrick Foy, Q.C., and Robert Deane (aboriginal), Mary Jo Campbell (real estate), Jeffrey Thomas (competition), Deborah Overholt (environmental), Debra Sing, Q.C., (pension and benefits) and Gabriel Somjen (labour and employment).