27.10.09. UPM, Metsäliitto
Cooperative, M-real Corporation, and Oy Metsä-Botnia Ab (Botnia) have
recently signed an agreement according to which Metsäliitto's and
Botnia's share of the Fray Bentos pulp mill and the eucalyptus
plantation forestry company Forestal Oriental in Uruguay
will be transferred to UPM. The companies signed a letter of intent
concerning the restructuring on 15 July
2009.
The enterprise value of the Fray Bentos pulp mill and Forestal
Oriental totals approximately EUR 1.6 billion and the enterprise value
of Botnia without the Uruguayan operations and shareholding in
Pohjolan Voima Oy is approximately EUR 1.9 billion. UPM will finance the
purchase consideration by selling an approximately 30% share in
Botnia. In addition, UPM will take over the debt of the Uruguayan
operations.
Moreover, UPM will acquire 1.2% of the energy company
Pohjolan Voima Oy from Botnia for EUR 66
million.
Following the transaction, Metsäliitto's holding
in Botnia will be approximately 50%, M-real's approximately 33%, and
UPM's approximately 17%. UPM will have 91% ownership in the Fray Bentos
pulp mill and 100% in Forestal
Oriental.
Completion of the transaction is subject to, among others, required
regulatory approvals and agreements with lenders. These are
expected to be finalised, at the latest, during the first quarter
of 2010. Botnia will remain to be in charge of the operations of the
Fray Bentos pulp mill and Forestal Oriental until the transaction is
effective.
Impact of the transaction on UPM's financials and operations UPM's interest-bearing net debt has been estimated to increase by approximately EUR 350 million. The transaction is expected to have a minor impact on the gearing ratio. The net cash effect of the transaction on UPM will be an outflow of approximately EUR 90 million. The transaction is expected to have a positive impact on UPM's results in 2010.
Fuente: PULPAPER news
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