Resolute Increases Ownership of Fibrek to 74.56%, Closes Offer

AbitibiBowater Inc., Montreal, Que., Canada, doing business as Resolute Forest Products reports that through last Thursday, May 17, it had taken up and accepted for payment 4,762,192 additional shares of Fibrek Inc. Together with the shares the company acquired up to and including May 14, Resolute now holds approximately 74.56% of the currently outstanding Fibrek shares.

The Resolute offer expired at 5:00 p.m. EDT on May 17. Resolute intends to carry out a second step transaction to acquire the Fibrek shares not deposited in the offer. With more than 66 2/3% of the Fibrek shares having been deposited to and taken up by Resolute under its offer, Resolute is in a position to cause a second step transaction to be approved by Fibrek's shareholders at a special meeting of shareholders to be convened and held for such purpose.

TAPPI
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