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Greenville, S.C.-Based Newsprint Maker Expects to Buy South Korean Company.(Knight Ridder/Tribune Business News)
Knight Ridder/Tribune Business News, October, 2000 by Gresock, Sam
Sep. 29--Bowater Inc. reportedly plans to buy a South Korean papermaker for $201 million.
An official from Sepoong Corp. of Seoul said the company expects to sell its operations and assets to Greenville-based Bowater, the largest U.S. newsprint maker.
"We expect to sign a (memorandum of understanding) soon in the form of purchase and assumption," an unnamed Sepoong official told Reuters.
Gordon Manuel, a Bowater spokesman, said the company could not comment on any dealings with the South Korean company.
Shares in Bowater rose $1.69 Thursday to close at $46.63 on the New York Stock Exchange.
The Sepoong official said Bowater has been in talks with the South Korean papermaker since early 1999, but a potential deal broke down...
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