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Wisconsin utility commission grants ownership exemptions for Verso and NewPage merger

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Wisconsin utility commission grants ownership exemptions for Verso and NewPage merger

April 07, 2014 - 11:17
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MADISON, WI, April 7, 2014 (Wisconsin Rapids Tribune) -The Wisconsin Public Service Commission has approved Verso Paper Corp.'s $1.4 billion acquisition of NewPage Corp., one of the regulatory hurdles the transaction must clear.

Verso and NewPage requested the PSC grant the combined companies an exemption from certain provisions the state's holding company statute, which among other things, prohibits a single person from owning more than 10 percent of the voting stock of a public utility.

Sixty-eight percent of Verso's outstanding common stock is held by Apollo Global Management LLC, an investment fund, according to the PSC order issued Thursday.

Wisconsin Rapids Tribune - Agency approves acquisition of NewPage

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