Mercer to give up TSX listing following loss at NAFTA tribunal
By CP STAFFGeneral Forestry Government Manufacturing BC Hydro forest products government manufacturing Mercer NAFTA tsx
Forest products company had mounted a $250-million claim against the Canadian government in early 2012.
NEW YORK — Mercer International says it intends to voluntarily de-list from the Toronto Stock Exchange on June 11, about three months after it lost a six-year-old NAFTA battle with the Canadian government.
The US-based forest products company had mounted a $250-million claim against the Canadian government in early 2012.
It alleged that BC Hydro and the BC Utilities Commission discriminated against Mercer’s power-generating operations at a pulp mill near Castlegar, BC.
However, a NAFTA tribunal ruled on March 6 that there had been no violation of the deal and it awarded Canada approximately $6.9 million in costs.
Mercer says that its listing on the Nasdaq global select market will be unaffected by its delisting from the Toronto Stock Exchange.