Feb 27, 2008. /Lesprom.com/. Weyerhaeuser Company Limited, an indirect subsidiary of Weyerhaeuser, announced that it is exercising its right to redeem the exchangeable shares issued when Weyerhaeuser acquired MacMillan Bloedel Ltd. in November 1999. Those holding the exchangeable shares on April 29 will receive shares of Weyerhaeuser common stock on a one-for-one basis. Holders of the exchangeable shares have had the same rights as other holders of Weyerhaeuser common stock, but now will hold Weyerhaeuser common shares directly. Terms of the acquisition permitted the redemption of the exchangeable shares after Dec. 31, 2007. Weyerhaeuser is one of the largest pulp and paper companies in the world; the private owner of softwood timberland.