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Participants in a global effort to save the world's shrinking forests are instead trading in illegally sourced timber and razing jungles in an area of Borneo island inhabited by endangered orangutans, a nongovernmental organization said.
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Resource-rich Canada is rethinking its long embrace of foreign investment, with many tighter deal reviews driven by provincial governments. But by going after a company in dire financial straits, Chinese oil giant Cnooc's bid for OPTI Canada may avoid heightened scrutiny.
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Temple-Inland's board unanimously rejected International Paper's $3.3 billion hostile takeover bid, saying that it "grossly undervalues" the company and urged holders not to tender their shares.
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Sino-Forest, the Hong Kong-based tree-plantation company battling to defend itself after accusations that it fraudulently exaggerated its assets, swung to a first-quarter loss.
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Packaging company Temple-Inland adopted a shareholder-rights plan in response to International Paper's $3.38 billion unsolicited takeover bid.
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