SOURCE: Unionen AS

January 04, 2008 14:09 ET

Unionen AS Awaits the Recommendation From Norske Skog's Election Committee

OSLO, NORWAY--(Marketwire - January 4, 2008) - In today's telephone conference, the management of Norske Skog presented thoughts regarding the future strategy of the company. Unionen AS notices that many of the thoughts are similar to initiatives presented by Unionen AS in meetings with the management of Norske Skog. Unionen AS is looking forward to continue the constructive co-operation with the Norske Skog management.

- The most positive from today's telephone conference was the signals from the management and board that they are taking the challenges of reducing the company's debt seriously. However, the management and the board gave unclear signals regarding when to expect the debt reduction to be finalized. In Unionen's view, Norske Skog should present a clear prioritizing and communicate a commitment to efficient implementation. Norske Skog has huge challenges, with the market and financially, in the years ahead. Unionen AS wish' to contribute with it's competence to help Norske Skog to overcome these challenges. To signalize our will of co-operation and perspective, we have asked to be represented in Norske Skog's election committee and corporate assembly. We hope the election committee of Norske Skog honours our request, says Ove Gusevik in Unionen AS.

Unionen AS has proposed Petter A. Stordalen as a member of the election committee of Norske Skogs, and Uta Stoltenberg and Jan Grini as members of the corporate assembly of the company. The present election committee is gathered on Monday January 7th 2008 to give a recommendation to the extraordinary general meeting.

- Unionen is one of the largest individual shareholder of Norske Skog. Corporate Governance guidelines recommend that large shareholders, that want to be represented in the company's governing bodies, should be represented, says Gusevik.

The companies behind Unionen AS

Home Invest is a Norwegian investment company that owns amongst others Choice Hotels Scandinavia, Home Properties and Home Capital. The company controls close to 160 hotels, 22 hotel properties and has more than 8200 employees. Home Invest is owned by Petter A. Stordalen.

Ferncliff TIH is a Norwegian investment company with focus on direct active investments, real-estate and securities trading. The company has holding positions in Standard Drilling, Standard Engineering, Noble Denton Holding, Global Geo Services, Bank 2 and Kvernland. Ferncliff TIH is fully owned by Øystein Stray Spetalen.

Nordisk Industriutvikling is a Norwegian investment company with investments in Nordisk Energiforvaltning, Metallkraft, Norsk Kraft and Simrad Optronics. Nordisk Industriutvikling is managed by Ove Gusevik.

Contact Information

  • For further information, please contact:
    Ove Gusevik
    +47 91 55 50 62