HELSINKI (News release) -- Shareholders representing 98% of the owners in Bergvik Skog AB, a Swedish forest holding company, have agreed to initiate discussions, based on a non-binding letter of intent, aiming at structural changes in Bergvik Skog Group. These shareholders are Stora Enso, Länsförsäkringar, FAM, BillerudKorsnäs, Kåpan Pension, Tredje AP-fonden, Persson Invest, Karl Hedin AB and Tham Invest.
Bergvik Skog's Swedish forest assets are owned by its subsidiaries Bergvik Väst AB and Bergvik Öst AB, representing approximately 83% and 17% respectively. As a result of the planned restructuring, Stora Enso would transform its current ownership of 49.3% in Bergvik Skog, to a direct holding of approximately 70% of the value of the forest assets in Bergvik Väst. Further, approximately 15% of Bergvik Väst would be directly owned by FAM, and approximately 15% directly owned by a consortium of smaller shareholders.
BillerudKorsnäs would acquire Bergvik Öst. The remaining assets of Bergvik Skog would be liquidated or contributed to the forest holding entities.
The final agreements are currently under negotiations between the parties with the aim of initiating the transactions during the first half of 2018. During the transaction and transition period, there will be business as usual for Bergvik Skog. The final agreements are subject to relevant approvals.
Bergvik Skog AB owns approximately 2.3 million hectares of land in Sweden and about 0.1 million hectares in Latvia, and is one of Europe's largest private-sector forest owners.
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