Hanson to Buy U.S. Timber Company
- Share via
LONDON — The British conglomerate Hanson PLC said Tuesday it had agreed to swap its 49% stake in Newmont Mining Corp. for control of a major U.S. timber company.
Hanson said it agreed to buy General Oriental Securities Ltd. and Hornwood Barbados Ltd. of the United States for $1.3 billion in cash and notes.
Together, the two companies own 99.5% of Cavenham Forest Industries. Darien, Conn.-based Cavenham owns or controls about 1.7 million acres of U.S. timberland in the West and South.
Hanson said it would sell its 49% stake in Newmont Mining Corp. of the United States to the owners of General Oriental and Hornwood for $1.1 billion in cash and $189 million in notes. The remaining 51% stake in Newmont is publicly held.
In July, Hanson paid $1.2 billion for full control of Peabody Holding Co., the United States’ biggest coal producer.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
