Georgia-Pacific Corp., Atlanta, said it's acquiring Fort James Corp., Deerfield, Ill., for about $7.8 billion in cash and stock, and assumption of $3.5 billion in debt. The acquisition creates a paper powerhouse rivaling Procter & Gamble Co. and Kimberly-Clark Corp. in consumer tissue products. The combined entity would be No. 1 in the $4 billion bath tissue category and No. 2 in the $2.6 billion paper towel category. DDB
Worldwide, New York, handles Fort James' $30 million account, including the Brawny, Quilted Northern and Dixie brands. Fallon
, New York, handles Georgia-Pacific's $20 million account, including Angel Soft and Sparkle.
Copyright July 2000, Crain Communications Inc.