SOURCE: Unionen AS

December 11, 2007 04:30 ET

A Complete Solution for Norske Skog

OSLO, NORWAY--(Marketwire - December 11, 2007) - Unionen AS invites shareholders, employees, forest owners and debt issuers to a cooperation with the intention of creating a complete solution for Norske Skog. As of December 10th 2007, Unionen AS, owned by Petter A. Stordalen, Øystein Stray Spetalen and Ove Gusevik, is the largest single shareholder in Norske Skog.

- Norske Skog is today facing the threat of closing down Follum and a considerable reduction of the activities at Skogn. We are currently experiencing a challenging market for newsprint, but this is not the end for newspapers as a medium and certainly not the end for the Norwegian newsprint industry. Consequently, we are inviting shareholders, employees, forest owners and debt issuers to cooperate with the intention of creating a complete solution for Norske Skog, says Petter A. Stordalen in Unionen AS.

Unionen AS is a company controlled by Petter A. Stordalen, Øystein Stray Spetalen and Ove Gusevik. The company has as of December 10th a total of 10,982,200 shares in Norske Skog, corresponding to 5.78 % of the company.

- High gearing and a significant share price fall have created speculations in the capital market concerning the future of Norske Skog. We fear that the board of Norske Skog, in a situation of high pressure, will take actions that reduces shareholder value, threatens jobs and weakens the company's flexibility, says Stordalen.

Unionen AS has today, in accordance with The Joint Stock Public Companies Act §5-7, instructed the chairman of the board of Norske Skog to immediately summon an extraordinary general meeting to elect a new corporate assembly and an election committee. Unionen AS will, well time in advance of the extraordinary general meeting, present the company's candidates for Norske Skogs governing bodies.

- As the largest single shareholder in Norske Skog, Unionen AS will contribute in the process of electing competent representatives that holds the necessary industrial and financial competence needed for solving Norske Skogs current problems. Unionen AS will require that any sale of assets or corporations from Norske Skog until the extraordinary general meeting, in addition to the corporate assembly, must be approved directly by the company's shareholders through the general meeting, says Stordalen.

For more information, please contact

Ove Gusevik, +47 91 55 50 62


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 more information, please contact

    Ove Gusevik
    +47 91 55 50 62