Bank of America Corp. (BAC) said Thursday it has taken a 5.07% stake in Australian forestry company Gunns Ltd. (GNS.AU).

Bank of America said in a filing to the Australian Securities Exchange that it acquired the Gunns shares last Friday.

It didn't specify the value of the stake.

Gunns is undergoing a restructuring as it attempts to secure investors for a A$2 billion pulp mill at Bell Bay in Tasmania.

-By Neil Sands, Dow Jones Newswires; 61-3-9292-2095; neil.sands@dowjones.com
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