Weyerhaeuser has agreed to acquire Plum Creek Timber for $8.4 billion, in an all-stock deal, that represents a 21% premium to Plum Creek’s closing price on Friday. The deal will create the largest private owner of timberland in the US. The new company will have a value of $22.5 billion and manage 13 million acres of timberland. (FT)
Berkshire Hathaway more than doubled its third-quarter profit on its ownership in Kraft Heinz but saw weakness in its core insurance underwriting business.
The Warren Buffett-led company suffered big paper losses during the quarter on its IBM ownership. The company’s book value, a measure of net worth, rose 3.3% to $151,083 a share for the first nine months of the year, compared with a 7.1% increase in the year prior. (WSJ)
The Portland, Oregon-based Craft Brew Alliance, stock symbol BREW, reported third-quarter profits of $732,000 on revenue of $54.7 million. The brewer makes Kona, Widmer Brothers and Redhook beers. Shares have fallen 46% since the beginning of the year. (AP)
Dean Foods, the largest U.S. milk processor, reported a third-quarter profit of $20.2 million, compared with a $16 million loss last year, helped by higher prices. Sales fell 14.3% to $2.03 billion. Dean Foods shares have fallen more than 7% in 2015. (Reuters)