MONTREAL, Jan. 29 /PRNewswire-FirstCall/ -- Abitibi-Consolidated Inc. and Bowater Incorporated will hold a press conference today: What: Abitibi-Consolidated and Bowater have signed a definitive agreement to enter into a merger of equals that will create AbitibiBowater Inc., a global leader in paper and forest products. Who: John W. Weaver, President and Chief Executive Officer, Abitibi-Consolidated Inc. David J. Paterson, Chairman, President & Chief Executive Officer, Bowater Incorporated When: January 29, 2007 @ 11:00 a.m. ET Where: Fairmont The Queen Elizabeth Hotel Peribonka Room 900 Rene-Levesque Blvd.West Montreal, Quebec H3B 4A5, Canada If you are unable to attend, you can access the event via webcast or teleconference. To participate in the webcast, visit http://www.abitibibowater.com/, http://www.abitibiconsolidated.com/ or http://www.bowater.com/. Participants in the U.S. & Canada can also access the press conference by dialing (866) 202-1971. International participants should dial (617) 213-8842. Please enter 16060898 as the passcode. A telephone replay will begin immediately following the call and will be available through February 5, 2007, by dialing (888) 286-8010 for callers in the U.S. & Canada and (617) 801-6888 for all other callers. Please enter passcode 19776909. About Abitibi-Consolidated Abitibi-Consolidated is a global leader in newsprint and commercial printing papers as well as a major producer of wood products, serving clients in some 70 countries from its 45 operating facilities. Abitibi-Consolidated is among the largest recyclers of newspapers and magazines in North America, diverting annually approximately 1.9 million tonnes of waste paper from landfills. It also ranks first in Canada in terms of total certified woodlands. Abitibi-Consolidated shares are traded on the Toronto Stock Exchange (TSX: A) and on the New York Stock Exchange (NYSE:ABY). About Bowater Incorporated Bowater Incorporated, headquartered in Greenville, SC, is a leading producer of coated and specialty papers and newsprint. In addition, the company sells bleached market pulp and lumber products. Bowater employs approximately 7,600 people and has 12 pulp and paper mills in the United States, Canada and South Korea. In North America, it also owns two converting facilities and 10 sawmills. Bowater's operations are supported by approximately 835,000 acres of timberlands owned or leased in the United States and Canada and 28 million acres of timber cutting rights in Canada. Bowater operates six recycling plants and is one of the world's largest consumers of recycled newspapers and magazines. Bowater common stock is listed on the New York Stock Exchange. A special class of stock exchangeable into Bowater common stock is listed on the Toronto Stock Exchange (TSX: BWX). To learn more, visit http://www.bowater.com/. Contacts: Abitibi-Consolidated Denis Leclerc Public Affairs (514) 394-3601 Bowater Jim Barron/Dan Gagnier/Kara Findlay Sard Verbinnen & Co (212) 687-8080 DATASOURCE: ABITIBI-CONSOLIDATED INC. CONTACT: Abitibi-Consolidated, Denis Leclerc Public Affairs, (514) 394-3601; Bowater, Jim Barron/Dan Gagnier/Kara Findlay, Sard Verbinnen & Co, (212) 687-8080

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