Monday, July 16, 2007

Large Abitibi-Consolidated (ABY) Holder Third Avenue Management Is Against The Merger with Bowater

In a 13D filing on Abitibi-Consolidated Inc. (NYSE: ABY) after the close Friday, 12.44% holder Third Avenue Management noted they changed their filing status from 13G (passive) to 13D (active), saying the combination with Bowater (NYSE: BOW) is not in the best interest of shareholders.

The firm said they have no plans to solicit proxies from the company's shareholders.

In January, Abitibi-Consolidated and Bowater announced a definitive agreement to combine in an all-stock merger of equals.

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