17 July, 19:51
Rayonier Advanced Materials Inc. and Tembec Inc. have received notification of clearance from Germany's Federal Cartel Office in connection with the previously announced proposed statutory arrangement under Section 192 of the Canada Business Corporations Act involving the acquisition by Rayonier AM of all of the outstanding shares of Tembec.
Subject to obtaining the approvals of the holders of Tembec Shares and the Québec Superior Court and other necessary approvals and clearances, as well as the satisfaction or waiver of the conditions to the transaction, it is expected that the transaction will be completed by the end of 2017.
Rayonier Advanced Materials is a leading global supplier of high purity cellulose, a natural polymer commonly found in cell phones, computer screens, filters and pharmaceuticals.
Tembec is a manufacturer of forest products – lumber, paper, pulp and high purity cellulose – and a global leader in sustainable forest management practices.