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Paper Excellence Seeking $400 Million for B.C. Domtar Mill

CANADA (From news reports) -- Paper Excellence Group is seeking as much as US$400 million from the sale of a British Columbia pulp mill, people with knowledge of the matter said, as it works to satisfy the Canadian competition regulator's requirement for its US$3 billion acquisition of Domtar Corp.

The closely-held pulp and paper manufacturer has started sounding out prospective buyers for Domtar's Kamloops mill, the people said, asking not to be identified because the information is private. Bank of Montreal is advising on the disposal, Domtar said in an emailed statement.

A spokesperson for Paper Excellence referred queries to Domtar, which declined to comment beyond the statement. A representative for Bank of Montreal also declined to comment.

Paper Excellence offered US$55.50 a share in cash to take rival Domtar private last year. Domtar, which has about 6,000 employees, will operate as a standalone business, according to a press release at the time.

As part of the deal, Paper Excellence agreed to sell Domtar's pulp mill in Kamloops to resolve the Canadian Competition Bureau's antitrust concerns.

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