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Department of Justice clears sale of Weyerhaeuser unit

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May 5, 2008

FEDERAL WAY, Wash.—Weyerhaeuser Co., one of the world's largest lumber and paper producers, said Monday that the sale of its containerboard unit to International Paper Co. has been cleared by the U.S. Department of Justice.

Subsequently, the Federal Trade Commission granted early termination of its review process, the company said.

Weyerhaeuser said both companies expect to finalize the transaction in the third quarter.

Memphis, Tenn.-based International Paper, a global supplier of packaging materials and uncoated paper, announced in March its plans to buy the containerboard unit for $6 billion in cash.

Weyerhaeuser shares fell 92 cents to $62.76 in midday trading. International Paper shares slipped 10 cents to $25.63. Shares hit a new 52-week low of $25.43 earlier in the session.

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