It's official for WY-PCL

Weyerhaeuser and Plum Creek have officially moved forward with their merger after shareholders from both companies approved the transaction.

More than 98% of the shares voting at the Weyerhaeuser special meeting voted in favor of the proposal, as did approximately 99% of the Plum Creek shares voting on the matter.

Under the agreement, Plum Creek common stockholders will receive 1.60 Weyerhaeuser common shares for each share of Plum Creek common stock.

The two companies announced the multi-billion-dollar deal in November, which would seek to create a timber, land and forest products company with an equity value of $23 billion and more than 13 million acres of timberland in the U.S.



"This new company will create tremendous benefit for shareholders as we drive value through shared best practices, economies of scale, cost synergies, operational excellence and disciplined capital allocation," said Weyerhaeuser president and CEO Doyle Simons, who will be president and CEO of the combined company, in a statement at that time.