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Weyerhaeuser to sell some assets to Carter Holt

Sun May 11, 2008 7:20pm EDT

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PHILADELPHIA, May 11 (Reuters) - Weyerhaeuser Co (WY.N) said Carter Holt Harvey plans to buy the timber manufacturing operations and timber distribution business of the Weyerhaeuser Australia Group.

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The assets include the interest in Green Triangle Forest Products held by a fund advised by Global Forest Partners. Weyerhaeuser, Global Partners and Carter Holt Harvey have entered into a nonbinding letter of intent for the deal.

The transaction is subject to regulatory approval by the Australian Competition and Consumer Commission and the Foreign Investment Review Board. Terms of the deal were not disclosed. (Reporting by Jessica Hall; editing by John Wallace) (For more M&A news and our DealZone blog, go to here)

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