Paper Excellence Group is poised to expand in Canada’s forestry industry by diversifying into the lumber sector. Richmond, B.C.-based Paper Excellence has focused in the past on pulp and paper, but the real prize is Montreal-based Resolute’s lumber assets. …Canada’s Competition Bureau said last week that it approved the proposed acquisition of Resolute, subject to conditions, specifically that Paper Excellence’s wholly owned Domtar Corp. division sell its pulp mill in Dryden, Ont., and divest Resolute’s pulp and paper mill in Thunder Bay. Paper Excellence said this week that it is fully committed to its US$1.6-billion bid for Resolute, undaunted by slumping lumber markets and undeterred by lingering concerns from environmentalists over corporate concentration. …But with the transaction is subject to approval from the U.S. Department of Justice. …“The transaction remains on course to close in the first half of 2023,” Paper Excellence said. [to access the full story a Globe & Mail subscription is required]