On December 31, 2004, West Fraser Timber Co. Ltd. became North America’s third largest lumber producer and Canada’s largest plywood producer with its acquisition of Weldwood of Canada Ltd. from International Paper Co. The cash purchase price for the acquisition was $1.26 billion, which was financed by a combination of the issuance of $275,044,000 in subscription receipts underwritten by a syndicate led by Scotia Capital Inc., $150 million of 4.94 per cent senior unsecured debentures underwritten by a syndicate led by TD Securities Inc., US$300 million of 5.2 per cent senior notes offered through a syndicate led by Citibank Global Markets, approximately $100 million in bridge financing provided by the Toronto-Dominion Bank and cash on hand. The transaction included the negotiation and settlement of a Consent Agreement between West Fraser and Canada’s competition commissioner.

George Addy of Davies Ward Phillips & Vineberg LLP, a former competition commissioner,  acted as special counsel to West Fraser in respect of Canadian competition matters.