15 November 2006 — Helsinki (FIN): UPM is satisfied that M-real’s board of directors will appropriately evaluate UPM’s offer to buy 15 percent of M-real’s Metsä-Botnia shares for €500 million ($639 million).
The company is currently awaiting contact from M-real and will provide further clarifications in due course.
In a statement, UPM said that it believes that the issues presented can be clarified and that it is possible to achieve a solution which is satisfactory to all of Botnia’s shareholders.
UPM owns 47 percent of Botnia’s shares. The other owners are M-real Corporation with 39 percent and Metsäliitto Cooperative with 14 percent of shares.