Weyerhaeuser rises on deal

June 17, 2013

Shares rose 1.3% to 28.66 after the housing and timber company said Sun. it'll buy Longview Timber from Brookfield Asset Management (BAM) for $2.45 bil, partly financed by a 28-mil-share offering. Also Sun., Weyerhaeuser (WY) said it would explore "strategic alternatives" for its homebuilding and real estate business. It named Doyle Simon as CEO, effective Aug. 1, replacing Dan Fulton, who is retiring. It also will hike its quarterly dividend 10% to 22 cents a share, starting in Q3.