Reuters reported on Tuesday (7-19-22) morning that according to a source familiar with the matter, private equity firm CVC Capital and wood panel manufacturer Kronospan have submitted a joint expression of interest in acquiring Canadian lumber company West Fraser Timber Co.
Later in the day, West Fraser issued this statement:
“The Company is aware of recent market and media speculation. Although the Company has previously met with Kronospan, an existing shareholder, and CVC Capital Partners, the Company has not received a proposal and there are no ongoing discussions regarding the terms of any transaction. The Company is focused on executing on its business strategy to create shareholder value.”
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EXCLUSIVE CVC, Kronospan eye acquisition of West Fraser Timber -sources