Acquisition deal a boon for Resolute stock

Shares of Resolute Forest Products soared by 58.3 percent last week after the announcement of its pending acquisition by B.C.-based Paper Excellence, The Toronto Star reports. Under the terms of the deal, Paper Excellence’s U.S. business Domtar will purchase the Montreal-based paper and pulp maker for about $2.7-billion. Resolute is itself the product of a merger. Abitibi-Consolidated and South Carolina-based Bowater Inc. formed what was initially known as AbitibiBowater in 2007. The current name was adopted in 2012.