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Stakeholder Value Implications from the Merger between Abitibi-consolidated and Donohue: a Clinical Study

On April 18 2000, one of the largest takeovers in the pulp and paper industry took place. Through a dual cash-share exchange transaction, Donohue Inc. and Abitibi-Consolidated Inc. merged to form the largest newsprint producer in the world. The purpose of this clinical study is to analyse the incentives of all key stakeholders who were involved in the transaction: stockholders, directors, executives, bondholders, employees. Overall, both firms’ CEOs were clear winners in the value creation game surrounding the transaction.