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The company said the deal was structured as a like-kind exchange of assets for property tied to the company's recent acquisition of Weyerhaeuser Co.'s (NYSE: WY | Quote | Chart | News | PowerRating) containerboard, packaging and recycling business.
International Paper said the deal is part of an effort to profit from its remaining U.S. forests, real estate and mineral holdings to pay off debt and strengthen its balance sheet. The company has been reorganizing since 2005 by selling assets to focus on producing uncoated paper and containerboard.
The Haynesville shale lies in parts of east Texas and northwest Louisiana. Shares of International Paper rose $1.25, or 4.6 percent, to $28.20, while shares of Chesapeake Energy fell eight cents to close at $45.16 and shares of Weyerhaeuser rose 70 cents to close at $56.30 Wednesday.
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