Weyerhaeuser Co. (WY) Sunday announced the signing of definitive stock purchase agreement to acquire Longview Timber LLC from affiliates of Brookfield Asset Management for $2.65 billion. The transaction is subject to the satisfaction of customary closing conditions and is expected to close in July 2013.
The company expects the acquisition to be immediately accretive to funds available for distribution per share, upon closing. In conjunction with and subject to the completion of the acquisition, the company intends to increase its quarterly dividend from $0.20 per share to $0.22 per share beginning with the third quarter dividend, payable in September 2013.
The company intends to raise approximately $2.45 billion in a combination of debt and equity, in conjunction with the transaction.
The company also announced the appointment of Doyle Simons president and chief executive officer, effective August 1, 2013. Doyle Simons succeeds Dan Fulton, who Will be retiring as planned.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.