MONTREAL, QC, and GREENVILLE, SC, Oct. 23 /PRNewswire-FirstCall/ --
Abitibi-Consolidated Inc. (NYSE:ABYNYSE:TSX:NYSE:A) and Bowater
Incorporated (NYSE: BOWNYSE:TSX:NYSE:BWX) today announced the
expected composition of the new Board of Directors for
AbitibiBowater Inc., following the combination of
Abitibi-Consolidated and Bowater. The board composition is subject
to the appointment of directors following the completion of the
combination. The proposed combination has now received all
necessary regulatory approvals, including those from the United
States Department of Justice, the Canadian Competition Bureau, the
Federal Minister of Industry under the Investment Canada Act, and
the Quebec Superior Court, as well as approvals from shareholders
of Abitibi-Consolidated and Bowater. The fourteen-member board will
include seven directors from each company's current board: - John
Q. Anderson, Chairman and CEO of BigWheel Partners Inc., a private
equity investment affiliate of Fenway Partners Inc. Mr. Anderson is
a director of Abitibi-Consolidated, Panther Expedited Services,
Inc. and Gemini Traffic Sales, Inc. He is also Chairman of the
Board of Directors of RoadLink USA, Inc. Mr. Anderson will serve on
AbitibiBowater's Human Resources and Compensation, and Environment,
Health and Safety board committees. - Hans P. Black, Chairman of
the Board of Interinvest Consulting Corporation of Canada, a global
money management firm with offices in Montreal, Boston, Bermuda and
Switzerland. In addition to the Abitibi-Consolidated board, Mr.
Black serves on the boards of directors of Amorfix Life Sciences
Ltd, RPMH Global Marco Fund, Wi2Wi Inc., Les Aliments SoYummi Inc.
and the Montreal Heart Institute Foundation. Mr. Black will serve
as member of AbitibiBowater's Nominating and Governance, and Audit
board committees. - Jacques Bougie, President and Chief Executive
Officer of Alcan Inc. from 1993 to 2001, and current Chair of
Abitibi-Consolidated. He also serves on the boards of directors of
Nova Chemicals Inc. and McCain Foods Ltd. Mr. Bougie was made an
Officer of the Order of Canada in 1994. He will chair the
Nominating and Governance Committee of AbitibiBowater's Board of
Directors, as well as serve as member of the Human Resources and
Compensation Committee. - William E. Davis, Chairman of the Board
of Directors and Chief Executive Officer of Niagara Mohawk Power
Corporation from May 1993 to February 2002. He serves on the boards
of directors of Abitibi- Consolidated and Consol Energy Inc. Mr.
Davis will serve as member of AbitibiBowater's Nominating and
Governance, and Human Resources and Compensation board committees.
- Richard B. Evans, President and Chief Executive Officer and
director of Alcan Inc. since March 2006, and director of Bowater.
In connection with Alcan's pending acquisition by Rio Tinto PLC of
London, U.K., Mr. Evans has agreed to continue as chief executive
of the companies' combined aluminum business and as an executive
director of Rio Tinto PLC. Mr. Evans will serve as member of
AbitibiBowater's Nominating and Governance, and Human Resources and
Compensation board committees. - Gordon D. Giffin, Senior Partner
with the law firm McKenna, Long & Aldridge LLP. Mr. Giffin
served as U.S. Ambassador to Canada from August 1997 to April 2001.
He is a member of the boards of directors of Bowater, Canadian
Imperial Bank of Commerce, Canadian National Railway Company,
Canadian Natural Resources Limited, TransAlta Corporation and
Ontario Energy Savings Ltd. He is also on the Board of Advisors for
Kissinger McLarty Associates. Mr. Giffin will serve on
AbitibiBowater's Audit, and Environment, Health and Safety board
committees. - Ruth R. Harkin, Senior Vice President, International
Affairs and Government Relations, of United Technologies
Corporation (UTC) and Chair of United Technologies International
from June 1997 to February 2005. Ms. Harkin serves on the boards of
directors of Bowater and ConocoPhillips. She is also a member of
the State of Iowa Board of Regents. Ms. Harkin will serve as member
of AbitibiBowater's Nominating and Governance, and Human Resources
and Compensation board committees. - Lise Lachapelle, President and
Chief Executive Officer of the Canadian Pulp and Paper Association
from 1994 until January 2002. Ms. Lachapelle serves on the boards
of Abitibi-Consolidated, Industrial Alliance Insurance and
Financial Services Inc., Russel Metals Inc., Innergex Power Trust,
BNP-Paribas (Canada) and Mirabaud Canada Inc. She will chair the
Environment, Health and Safety Committee of AbitibiBowater's Board
of Directors, as well as serve as member of the Audit Committee. -
Gary J. Lukassen, Executive Vice President and Chief Financial
Officer of Hudson's Bay Company (HBC) from 1989 until his
retirement in 2001. Mr. Lukassen serves on the boards of
Abitibi-Consolidated, The North West Company and Spinrite Income
Fund. Mr. Lukassen will serve on AbitibiBowater's Audit, and
Environment, Health and Safety board committees. - David J.
Paterson, Chairman, President and Chief Executive Officer of
Bowater and future President and Chief Executive Officer of
AbitibiBowater. With nearly 30 years of experience in the forest
products industry, Mr. Paterson joined Bowater in 2006 following
his tenure at Georgia-Pacific Corporation, where he held a number
of senior executive positions. Mr. Paterson is a member of the
Bowater board and of the board of the Peace Center for the
Performing Arts. - John A. Rolls, Managing partner of Core Capital
Group, LLC, of New York. Mr. Rolls serves as a director of Bowater,
FuelCell Energy, Inc. and MBIA Inc. Mr. Rolls will chair the Audit
Committee of AbitibiBowater's Board of Directors, as well as serve
as member of the Nominating and Governance Committee. - Bruce W.
Van Saun, Vice Chairman and Chief Financial Officer, The Bank of
New York Mellon. He is a representative to the Financial Services
Roundtable, chair of the Bucknell University Business Advisory
Board and a member of the Bowater board. Mr. Van Saun will serve on
AbitibiBowater's Audit, and Environment, Health and Safety board
committees. - John W. Weaver, President and Chief Executive Officer
of Abitibi- Consolidated and future Executive Chairman of
AbitibiBowater. Mr. Weaver held a number of senior executive
positions in operations and sales prior to being appointed
President and CEO of Abitibi- Consolidated. He has over 30 years of
experience in the forest products industry. Mr. Weaver is a member
of the Abitibi-Consolidated board, the chair of both the Forest
Products Association of Canada (FPAC) and FPInnovations, and a
director of the U.S. Endowment for Forestry and Communities. - Togo
D. West, Jr., Chairman of TLI Leadership Group. He served as
Secretary of the United States Army from 1993 to 1998 and Secretary
of United States Department of Veterans Affairs from 1998 to 2000.
Mr. West serves as a director of Krispy Kreme Doughnuts, Inc., is
Chairman of the Board of Noblis Corporation, and is a member of the
Bowater board. Mr. West will chair the Human Resources and
Compensation Committee of AbitibiBowater's Board of Directors, as
well as serve as member of the Environment, Health and Safety
Committee. Abitibi-Consolidated and Bowater also announced that
each company will release their respective third quarter 2007
results before the markets open on Tuesday, November 6, 2007.
Further information regarding the companies' earnings calls for
analysts, and the manner in which the calls may be accessed, will
be made available shortly. The proposed combination, which was
announced on January 29, 2007, is expected to close by the end of
the month, following the completion of certain administrative
formalities. The combined company will produce a wide range of
newsprint and commercial printing papers, market pulp and wood
products. It will be the eighth largest publicly traded pulp and
paper manufacturer in the world. Following the required divestiture
agreed to with the U.S. Department of Justice, AbitibiBowater will
own or operate 31 pulp and paper facilities and 35 wood product
facilities located in the United States, Canada, the United Kingdom
and South Korea. It will also be among the world's largest
recyclers of newspapers and magazines, and will have more
third-party certified sustainable forest land than any other
company in the world. The new company's shares will trade under the
stock symbol ABH on both the New York Stock Exchange and the
Toronto Stock Exchange. About Abitibi-Consolidated Inc.
Abitibi-Consolidated is a global leader in newsprint and commercial
printing papers as well as a major producer of wood products,
serving clients in some 70 countries from its 45 operating
facilities. Abitibi-Consolidated is among the largest recyclers of
newspapers and magazines in North America, diverting annually
approximately 1.7 million tonnes of paper from landfills, and is an
industry leader in Canada in terms of forest certification. About
Bowater Incorporated Bowater is a leading producer of coated and
specialty papers and newsprint. In addition, the company sells
bleached market pulp and lumber products. Bowater has 12 pulp and
paper mills in the United States, Canada and South Korea. In North
America, it also operates one converting facility and owns 9
sawmills. Bowater's operations are supported by approximately
708,000 acres of timberlands owned or leased in the United States
and Canada and 28 million acres of timber cutting rights in Canada.
Bowater operates six recycling plants and is one of the world's
largest consumers of recycled newspapers and magazines.
Forward-Looking Statements Any statements made regarding the
proposed combination between Abitibi-Consolidated Inc. and Bowater
Incorporated, the expected timetable for completing the
combination, benefits or synergies of the combination, and other
statements contained in this news release that are not historical
fact are forward-looking statements that are based on management's
beliefs, certain assumptions and current expectations. These
statements may be identified by the use of forward-looking
terminology such as the words "expects," "is subject to," "will"
and other terms with similar meaning indicating possible future
events or actions or potential impact on the businesses or
shareholders of Abitibi-Consolidated and Bowater. Such statements
include, but are not limited to, statements about the expected
composition of the new Board of Directors for AbitibiBowater Inc.,
Abitibi-Consolidated's and Bowater's plans, objectives,
expectations and intentions, the markets for Abitibi-Consolidated's
and Bowater's products, the future development of
Abitibi-Consolidated's and Bowater's business, and the
contingencies and uncertainties to which Abitibi-Consolidated and
Bowater may be subject and other statements that are not historical
facts. This news release also includes information that has not
been reviewed by either company's independent auditors. All
forward-looking statements in this news release are expressly
qualified by information contained in each company's filings with
regulatory authorities. The following factors, among others, could
cause actual results to differ materially from those set forth in
the forward-looking statements: the risk that the businesses will
not be integrated successfully; the risk that the cost savings and
other expected synergies from the combination may not be fully
realized or may take longer to realize than expected; and
disruption from the combination making it more difficult to
maintain relationships with customers, employees or suppliers.
Additional factors that could cause Abitibi-Consolidated's and
Bowater's results to differ materially from those described in the
forward-looking statements can be found in the periodic reports
filed by Abitibi-Consolidated and Bowater with the SEC and the
Canadian securities regulatory authorities and available at the
SEC's internet site (http://www.sec.gov/) and on SEDAR
(http://www.sedar.com/). Neither Abitibi-Consolidated nor Bowater
undertakes and each specifically disclaims, any obligation to
update or revise any forward-looking information, whether as a
result of new information, future developments or otherwise.
Contacts Investors: Investors: Abitibi-Consolidated Bowater
Francesco Alessi Duane A. Owens Vice-President, Investor Relations
Vice President and Treasurer and Taxation (864) 282-9488 (514)
394-2341 Media: Media: Abitibi-Consolidated Bowater Seth Kursman
Kathleen M. Bennett Vice President, Communications and Vice
President ? Government Affairs, Government Affairs Communications
and Environment (514) 394-2398 (864) 282-9452 DATASOURCE:
ABITIBI-CONSOLIDATED INC. CONTACT: Investors: Francesco Alessi,
Vice-President, Investor Relations and Taxation,
Abitibi-Consolidated, (514) 394-2341, ; Investors: Duane A. Owens,
Vice President and Treasurer, Bowater, (864) 282-9488; Media: Seth
Kursman, Vice President, Communications and Government Affairs,
Abitibi-Consolidated, (514) 394-2398, ; Media: Kathleen M. Bennett,
Vice President, Government Affairs, Communications and Environment,
Bowater, (864) 282-9452,
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