LP takeover of Ainsworth still awaiting approval
24 April 2014OSB giants Louisiana-Pacific (LP) and Ainsworth Lumber Co Ltd have agreed to extend the completion date for LP’s takeover of Ainsworth.
The date has been pushed back from April 18 to June 2 to allow more time for discussion with competition authorities in the US and Canada.
The Canadian Competition Bureau and the antitrust division of the US department of justice are discussing the US$1.1bn takeover deal, which would see Ainsworth’s four OSB mills joined with LP’s 11 OSB mils in North America and three in South America.
The decision allows either party to extend the date for an additional 45 days if required.
LP is already the world’s largest OSB producer and the deal would give the combined company 18 OSB mills and a turnover of US$2.5bn.
