A restructure of the ownership of Stora Enso‘s forestlands in Sweden has been approved to free up capital and secure the supply of wood to the group’s mills.
Stora Enso is being partnered in the transaction by Korsnäs, a Swedish forest industry company controlled by the Kinnevik Group.
The two will transfer their forests to a new company, Bergvik Skog AB, with Stora Enso retaining a 44.9% shareholding and Korsnäs 5%. The remainder of the company’s shares will be placed with institutional investors and Bergvik Skog will also be financed with a syndicated bank loan.
Stora Enso will transfer 1.9 million ha of Swedish forests – of which 1.5 million ha is productive forestland – and Korsnäs will transfer 0.4 million ha, of which 0.3 million ha is productive.
