Talks over AbitibiBowater assets in N.L. break off, says minister

Staff ~ Transcontinental Media
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ST. JOHN'S, N.L. - The Newfoundland and Labrador government says talks with AbitibiBowater (TSX:ABH) over the company's assets in the province have broken off.
The government and the company have been discussing how much the province should reimburse Abitibi for its so-called bricks and mortar assets.
Last fall, the province expropriated the company's hydro and timber rights after Abitibi announced it would close the paper mill in Grand Falls-Windsor for good at the end of this month.
The company has publicly put the price tag for the assets at $300 million, but Natural Resources Minister Kathy Dunderdale says the government's figure is lower than that.
Outside the legislature Monday, Dunderdale would not say just how far apart the two sides are in their negotiations, which ended last week.
She also said the discussions included severance packages for loggers and the company's environmental liability for its operation.

Organizations: AbitibiBowater, TSX

Geographic location: Abitibi, ST. JOHN'S, Newfoundland and Labrador Grand Falls-Windsor

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