Following two meetings and other discussions
with Quebecor representatives, the special committee of Abitibi-Consolidated’s
board of directors unanimously reconfirmed its decision to support the
company’s present CEO, John Weaver, as well as the company’s management team.
The special committee came to the conclusion
that it had received no new material information in support of Quebecor's
position. The committee noted that Quebecor has not modified its demands
regarding changes in the company's management, despite the special committee's
explanations made public on November 6. `
According to the company, management is
focused on growing earnings to pay down debt, considering the closing of
400,000 metric tons of high-cost capacity and continuing to achieve previously
announced synergies.
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