West Fraser’s stock price jumped as much as 23 per cent after Reuters reported two firms are interested in acquiring the forestry company
share price went on a roller-coaster ride on Tuesday as investors speculated about a potential takeover of the producer of lumber and wood-based panels.
B.C. billionaire Jim Pattison owns more than 8.9 million West Fraser common shares, or a 10.2-per-cent interest. Mr. Pattison, who supported West Fraser’s purchase of Norbord, also owns 52 per cent of Canada’s second-largest lumber producer, Canfor Corp. A major shareholder in West Fraser is Seattle-based Ketcham Investments Inc., controlled by the family of Hank Ketcham, West Fraser’s chairman and former chief executive officer.
The lumber operations generated a total of US$796-million of adjusted earnings before interest, taxes depreciation and amortization in the first three months of this year, while the North American and European EWP divisions posted US$808-million of adjusted EBITDA. Two of B.C.’s largest forest product companies – TimberWest Forest Corp. and Island Timberlands LP – are owned by a pair of pension plans: the British Columbia Investment Management Corp. and the Public Sector Pension Investment Board, which is based in Ottawa.
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