Bidders fail to reach cut for NZ's sixth-largest forest

Weyerhaeuser, the world's biggest lumber company, is reviewing options for New Zealand's sixth-largest forest after bidders didn't offer enough for the trees and a sawmill.

The Nelson Forests Joint Venture, which Weyerhaeuser owns in partnership with a fund managed by Global Forest Partners, consists of 67,000ha of trees in the South Island and a sawmill producing lumber for Australia and North America.

The planned sale was to have been completed in the fourth quarter. Weyerhaeuser said members of the joint venture were reviewing the strategic options.