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Rubicon plans to sell Clearwood stake for $15.3m

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Rubicon, the NZX-listed forestry biotech company, has agreed to sell its remaining holding in its Clearwood manufacturing business for about $15.3 million, to focus on its ArborGen forestry genetics business.

Auckland-based Rubicon will sell its 44.88% interest in Tenon Clearwood Ltd Partnership for $US14.2 million, which is the cost of its investment in the company in April, plus its share of the reduction in the company's net debt since then, it said in a statement. The proposed buyers are Dorset Management Corp. and Libra Partners NZ LLC, who will each take 20%, with the existing owners of the Clearwood partnership taking the remaining 4.88%, it said. Dorset is affiliated with Rubicon's biggest........

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