Manufacturing Industry
NORSKE SKOG TO DIVEST STAKE IN CATALYST PAPER
PPI, Mar 2006
CANADA
Norske Skog has agreed to sell its 29.4% stake in Catalyst Paper, formerly known as NorskeCanada. The Norwegian firm will sell its 63 million shares in the Canadian outfit to a syndicate headed by a subsidiary of UBS securities Canada at a price of C$2.98 ($2.60) each.
The transaction was scheduled to close around February 16. Proceeds from the sale are expected to total some NOK 1,080 million ($162 million) and yield a loss of around NOK 730 on book value.
The Norwegian outfit's president and CEO, Jan Oksum, said in a statement, "Even if this transaction causes a significant loss, it is the right thing to do for Norske Skog." He added, "Through this, we will improve our possibilities to strengthen our activities in Europe, Asia, Australasia and South America."
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