Resolution to delist Norske Skogindustrier ASA from Oslo Børs

UPM Raflatac plans to open a new state-of-the-art slitting and distribution terminal in the Toronto, Canada metropolitan area. The new facility will improve service and quality to UPM Raflatac’s customers in Eastern Canada and Northeastern U.S., while strengthening relationships in the region. “We have made significant investments in our production capabilities to meet the demand for self-adhesive paper and film products. The recent decision to expand our global network of terminals with a brand-new facility in Canada is a testament to our long history of enabling our customers to grow,” said Morgan Dundas, Sales Director, UPM Raflatac Americas.

After the release of the stock exchange notice of today at 17:21, the company has been informed that the board of Norske Skog AS has decided to support an extension of the consent solicitation deadline for the board's recapitalization proposal. However, due to practical matters, it was not possible to make the Norske Skog AS resolution within the deadline at 17:00 CET, and consequently, the offer period has expired. The discussions with the key stakeholder groups will continue in order to achieve a consensual recapitalization solution for the Norske Skog group during the next days even though the offer period has expired. If these discussions are successful, an updated recapitalization proposal will be launched.

In a letter today, Senators Michael Bennet (D-CO), Mike Crapo (R-ID), Mike Enzi (R-WY), Johnny Isakson (R-GA), Debbie Stabenow (D-MI), Mark Warner (D-VA), and Ron Wyden (D-OR) of the Senate Finance Committee urged Commerce Secretary Wilbur Ross and U.S. Trade Representative Robert Lighthizer to negotiate a softwood lumber trade deal with Canada that would lessen the harmful impact of subsidized Canadian lumber imports on the U.S. economy. The Senators' letter also expressed strong support for fair competition and the enforcement of existing U.S. trade laws. "The U.S. Lumber Coalition applauds the efforts by members of the Senate Finance Committee to push for a fair trade deal, especially the letter's provision calling for a clean quota agreement to hold Canada to its commitments and maintain a stable, enforceable system," U.S. Lumber Coalition spokesperson Zoltan van Heyningen said. Click Read More below for more of the story.