SOURCE: Unionen AS

December 12, 2007 07:49 ET

Unionen AS Welcomes a Structural Solution for Asia

OSLO, NORWAY--(Marketwire - December 12, 2007) - Unionen AS, Norske Skog's largest single share holder, welcomes the plans regarding a restructuring of Norske Skog's Asian activities. However, in Unionen AS' view, any restructuring must imply that Norske Skog withdraws from the Asian activities, and that the proceeds are used to repay debt.

In a stock exchange notification published on Wednesday December 12th, Norske Skog says that "The management has for some time now been working on various structural solutions for the company. As part of this work, the option of restructuring and a separate stock exchange listing of the Asian activities is being considered. The company is in dialogue with financial advisors with leading positions in the region."

- Unionen AS welcomes that Norske Skog is sharing some of our thoughts regarding a restructuring of the company's Asian activities. However, in Unionen AS' view, any restructuring must imply that Norske Skog withdraws from the Asian activities, and that the proceeds are used to repay debt. We want to contribute to this process, and have a clear idea on the valuation of Norske Skog's Asian businesses. Unionen AS takes it for granted that Norske Skog will notify the share holders regarding the plans of the board of directors and the administration, including the choice of advisors and which advisory agreements that are entered into, says Petter A. Stordalen.

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