West Fraser Timber shares surge on possible takeover interest

Shares in West Fraser Timber soared 22% at the start of trading Tuesday after a report said it could be targeted for a takeover.

According to Reuters, CVC Capital and wood-panel maker Kronospan have presented an expression of interest to jointly acquire the Vancouver-based forestry company.

As of the close of trading Monday, West Fraser had a market capitalization of $13.5 billion. The Reuters report did not include any details about the possible terms for a takeover.

A spokesperson for CVC Capital declined to comment when reached by BNN Bloomberg. Representatives for Kronospon and West Fraser did not immediately respond to requests for comment.