Pacific Northwest Timber and wood-products producer Weyerhaeuser said Monday it had completed the sale of its containerboard packaging and...

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Weyerhaeuser sale of unit wrapped up

Timber and wood-products producer Weyerhaeuser said Monday it had completed the sale of its containerboard packaging and recycling business to International Paper for $6 billion in cash.

Weyerhaeuser said it plans to use a substantial portion of the money to pay down debt.

The transaction, announced in March, includes nine containerboard mills, 72 packaging locations, 10 specialty-packaging plants, four kraft bag and sack locations and 19 recycling facilities.

About 14,000 employees will transfer from Weyerhaeuser to International Paper.

Weyerhaeuser will report its second-quarter financial results before the stock market opens this morning.

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Big Yahoo investor wants vote review

A major Yahoo shareholder has asked for a review of how votes were cast in last week’s re-election of the Internet company’s board, raising questions about whether the opposition to the directors may have been understated.

Capital Research Global Investors, which owns a 6.2 percent stake in Yahoo, demanded the review Monday, Capital spokesman Chuck Freadhoff said.

Capital Research’s manager, Gordon Crawford, has publicly scolded Yahoo’s leadership for rejecting a $47.5 billion takeover bid from Microsoft, which withdrew the offer three months ago after Yahoo Chief Executive Jerry Yang demanded more money.

Since Microsoft walked away, Yahoo shares have plunged 32 percent, closing Monday at $19.38, down 42 cents.

Yahoo stood by the results certified by an independent inspector after its annual meeting Friday.

Just over 20 percent of the shares went against Chairman Roy Bostock. Yang was opposed by 15 percent of the voting shareholders.


Blanket coverage to cost at JetBlue

JetBlue Airways said Monday it planned to begin charging for pillow and blanket sets on flights of two hours or more. The $7 sets, which passengers can keep, include a 10- by 12 inch pillow, a fleece blanket and a $5 coupon for Bed Bath & Beyond.

Buying the sets will be the only option for airline slumberers who do not tote their own. Pillows and blankets will no longer be distributed free.

Last week, US Airways began charging $1 for coffee and tea and $2 for bottled water and soft drinks, a step already taken by some European carriers. Several airlines have begun charging passengers to check luggage and book tickets using their frequent-flier miles.

Earlier this year, JetBlue began charging $10 to $20 for seats with extra legroom and doubled its fee to change a ticket to $100. It also began selling refundable tickets, which can cost tens of dollars more than its nonrefundable tickets.

Compiled from The Associated Press and The New York Times