Canada antitrust regulator clears Canexus-Superior Plus deal

Tue Jun 28, 2016 8:57am EDT
 
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June 28 (Reuters) - Canadian chemical company Canexus Corp said Canada's antitrust regulator had approved its proposed buyout by rival Superior Plus Corp.

This comes a day after the U.S. antitrust regulator filed a complaint to block the deal, saying the companies were two of the three manufacturers of a chemical needed to whiten wood pulp for paper production.

Toronto-based Superior Plus said in October that it would buy Alberta-based Canexus for C$324.1 million to expand its specialty chemicals portfolio.

Up to Monday's close, Canexus shares had fallen about 11 percent in the past 12 months, while Superior Plus shares had fallen 20 percent. (Reporting by Vishaka George in Bengaluru; Editing by Kirti Pandey)