June 8, 2012 / 5:29 PM / 5 years ago

Chile Copec forestry arm buys Canada panel firm

(Reuters) - Chilean conglomerate Copec’s COP.SN forestry arm Arauco said on Friday its Canadian unit would buy Canada’s wood panel company Flakeboard for $242.5 million.

Copec COP.SN, which owns the world’s second-biggest wood pulp producer and third-largest commercial fishing company, and the main fuel distributor in Chile and Colombia, is on the lookout for more investment opportunities, CEO Eduardo Navarro told the Reuters Latin America Investment Summit last week.

Reporting by Santiago Newsroom; Editing by Gerald E. McCormick

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