A billionaire investor has acquired another tranche of shares in Canfor, raising his stake in Canada’s largest producer of softwood lumber to 29%.
No value for the 1.6 million shares was revealed in a statement issued by Jim Pattison, who owns Great Pacific Indus-tries and who earlier this year was part of a group that engineered a manage-ment shakeup at Canfor.
Canfor continues to lose money and is closing mills. Pattison says he wants to introduce changes to cut mounting losses while his opponents claim his aim is to accumulate shares at prices depressed by the weak lumber market.
