Willamette

As the paper industry consolidates, in-plants speak out on how it is affecting them. by Caroline Miller TWO YEARS ago, it seemed as if everyone in the paper industry was switching dance partners. Among the major acquisitions was International Paper's purchase of Champion—a deal worth nearly $7.3 billion, excluding net debt. Then came the almost soap-opera-like saga of Weyerhaeuser's hostile takeover of Willamette Industries that dragged on for 14 months. It finally ended with an agreement that called for $6.1 billion in cash, or $55.50 per share, including the assumption of $1.7 billion of Willamette debt. At $19 billion in combined sales, the deal

Two paper giants from the Northwest have been sparring. One wants to take over the other. Now shareholders have weighed in. by ERIK CAGLE The high-octane, acrimonious hostile takeover attempt of paper giant Willamette by fellow industry leader Weyerhaeuser appears far from over. Battle lines were drawn June 7, when Willamette shareholders appeared to have voted Weyerhaeuser's three candidates onto Willamette's nine-member board of directors. Official results weren't expected for a few weeks, as of press time. With its representatives in place, Weyerhaeuser vows to nominate another slate of directors for election at the 2002 annual meeting should Portland, Ore.-based Willamette continue refusing