Brascan Acquires Weyerhaeuser's BC Timber Assets

On May 30, 2005, Brascan Corp. completed the acquisition of Weyerhaeuser Company Ltd.'s British Columbia coastal business for approximately $1.2 billion, plus working capital, a transaction that included: 635,000 acres of freehold timberlands; and five sawmills, two remanufacturing facilities and 3.6 million (m3) of associated annual Crown harvest rights.

The freehold timberlands will be operated by Islands Timberlands LP and Cascadia Forest Products Ltd. will own and operate the sawmills, remanufacturing facilities and Crown harvest lands.

Brascan was represented by its in-house counsel Joe Freedman. Davis & Company LLP advised Brascan on all aspects of the of the acquisition with a team from Vancouver that included Doug Buchanan, Al Hudec and Ruby Chan (corporate commercial), Mark Schmidt (corporate commercial/real estate), Catherine Gibson (real estate), Garry Mancell, RPF (forestry), Doug Morley (tax), Alec Robertson (aboriginal), Shawn Hatch (pension and benefits), Michelle Pockey (environmental), Brian Hiebert (environmental/corporate), Michael Todd (finance) and Maria Giardini (labour and employment).

Weyerhaeuser was represented by its in-house legal group headed in the US by Robert (Bob) Dowdy (senior vice-president and general counsel), and in Canada by Alex Shorten (vice-president and general counsel) including Anne Giardini, Wendy King, Erika Tse and Allison Crane. Weyerhaeuser was represented on all aspects of the disposition by Borden Ladner Gervais LLP with a team from Vancouver that included Neil de Gelder, Q.C., Nigel Cave and Sean Muggah (corporate commercial), Bruce Sinclair (tax), Robert Owen (forestry), Patrick Foy, Q.C., and Robert Deane (aboriginal), Mary Jo Campbell (real estate), Jeffrey Thomas (competition), Deborah Overholt (environmental), Debra Sing, Q.C., (pension and benefits) and Gabriel Somjen (labour and employment).

With regards to the equity financing, bridge loan and asset-based facility for the acquisition, Brascan Corp. was represented by Davies Ward Phillips & Vineberg LLP with a team that included Jay Swartz, Mark Connelly, Tim Baron and Philippe Rousseau (corporate/securities).