Norske Skog sells its remaining stake in the Brazilian operations
Norske Skog has entered into an agreement to sell the remaining 49% of the
shares in Norske Skog Pisa in Brazil to Papeles Bio Bio SA (formerly Norske Skog
Bio Bio) which is controlled by Group BO / Pathfinder, a consortium of Chilean
investors. The sales price for the 49% stake is USD 37 million, and the proceeds
will be received during the first half of 2014.
- We are pleased that we are selling the remaining stake in the Brazilian
operations earlier than expected. For some time, we have stated that we aim to
have our core business in Europe and Australasia. The sale is also part of our
strategy to improve our liquidity, says Sven Ombudstvedt, President and CEO of
Norske Skog.
Following this transaction, Norske Skog will no longer have paper production in
South America. As part of the initial divestment of the 51% stake in Norske Skog
Pisa in June 2013, a framework for selling the remaining 49% of the shares was
agreed with Papeles Bio Bio SA. These terms have now been renegotiated and
include an accelerated timeline for the sale of the 49% stake. This has been
possible due to a Brazilian tax refinancing program (REFIS) which was launched
by the Brazilian authorities in the second half of 2013 and in which Pisa has
participated.
Papeles Bio Bio SA will continue to develop the activities in Brazil together
with its operations in Chile.
Norske Skog
Communications and Public Affairs
For further information:
Media: Financial markets:
Vice President Corporate Communication Vice President Investor Relations
Carsten Dybevig Tom Rogn
Mob: (+47) 917 63 117 Mob: (+47) 948 55 659
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
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Source: Norske Skog via GlobeNewswire
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