Fletcher Forest has withdrawn its preferred bid for New Zealand’s North Island Forests.
The company, with a partner, is
believed to have offered US$650m for the 190,000ha forest – one of the world’s biggest man-made forests which has been in receivership for 12 months. The amount is equal to the failed company’s bank debt.
Fletcher Forest says difficulties with its partner forced it to pull out – but says future interest has not been ruled out.
