RICHMOND, Va., Aug. 7 /PRNewswire/ -- James River Corporation (NYSE: JR)
announced today that the U.S. Department of Justice has completed its
regulatory review of the merger of James River and Fort Howard Corporation
(Nasdaq-NNM: FORT) and will take no action. This clearance follows the
completion of a similar regulatory review earlier this week in the United
Kingdom.
The merger remains subject to the approval of a majority of the share-
holders of both companies. Special meetings of James River and Fort Howard
shareholders are scheduled for August 12, 1997. If approved by shareholders,
the merger will close as soon as possible after August 12, 1997.
"Clearance by the U.S. Department of Justice and by the U.K. Office of
Fair Trading is an important milestone toward the successful completion of the
merger of our two companies," said Miles L. Marsh, chairman and chief
executive officer of James River. "This moves us closer toward the creation
of a preeminent international consumer products company, Fort James
Corporation."
James River Corporation, headquartered in Richmond, Va., is a leading
marketer and manufacturer of paper-based consumer products, packaging, and
business, printing and converting papers. The second largest worldwide
producer of tissue products, James River markets such leading brands as
QUILTED NORTHERN bathroom tissue, BRAWNY paper towels, VANITY FAIR napkins,
and DIXIE cups and plates in North America, and LOTUS bathroom tissue, towels,
and facial tissue in Europe. The company also markets QUILT-RAP sandwich
wrap, QWIK WAVE microwave packaging, and EUREKA! and WORD PRO copy papers.
James River's current annual sales rate is approximately $5.6 billion.
SOURCE James River Corporation
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CONTACT: Celeste Gunter, financial, 804-649-4307, or Richard B. Elder, media, 804-343-4785, both of James River Corporation
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