9 November 2006 — Helsinki (FIN): UPM has made an offer to buy 15 percent of M-real’s Metsä-Botnia shares to secure Botnia’s strategic development and investments
UPM is offering €500 million ($639 million) for the shares. The offer is based on M-real’s plan to sell Botnia shares as previously announced in October.
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.
Botnia is Europe’s second largest pulp producer with five mills in Finland and production capacity of 2.7 million tonnes a year.