Reuters: Regulatory News: UPDATE 1-International Paper to sell three mills for $470 mln

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UPDATE 1-International Paper to sell three mills for $470 mln Jun 1st 2012, 12:08 June 1 | Fri Jun 1, 2012 8:08am EDT June 1 (Reuters) - International Paper Co will sell three U.S. corrugated packaging mills for $470 million as part of an antitrust agreement related to the acquisition of rival Temple-Inland Inc. The company won U.S. antitrust approval to buy Temple-Inland for $3.7 billion in February on the condition it divests three corrugated packaging mills. International Paper has agreed to sell its Ontario and Hueneme mills in California to a joint venture formed by The Kraft Group LLC and Schwarz Partners LP, and its New Johnsonville mill in Tennessee to Hood Companies Inc. Under the antitrust agreement, International Paper had four months, with an option of two 30-day extensions, to close the sale of the mills. International Paper shares, which have fallen about 20 percent since March, closed at $29.20 on Thursday on the New York Stock Exchange.

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