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Decision in bidding for Norske Skog expected next week


There are still several parties active
in the bidding process for Norske Skog.
29 Mar 2018 − 

Players in the publication paper market are waiting for the future owner of Norske Skog's newsprint and magazine paper mills in Europe and Australasia to be announced.

The bidding process for the assets of the insolvent publication paper manufacturer Norske Skog continues and the decision on the future owner is coming closer. According to Sven Ombudstvedt, chairman of the board of directors of Norske Skog AS, the sales process is in the final stages and is expected to be completed some time in the coming week.

EUWID Pulp and Paper invited Mr Ombudstvedt to comment on yesterday's report in the Halden Arbeiderblad which named Oceanwood Capital Management as the new owner of Norske Skog. The Norwegian daily cited sources among the employees of the Norske Skog Saugbrugs mill in Halden who said that they had been informed of the outcome of the auction via a Facebook message posted by one of the board members of Norske Skogindustrier ASA.

"There has been between 5-10 active prospective buyers and there has been a significant activity with a number of interested parties," Mr Obudstvedt told EUWID, adding that the process was still ongoing. "There are still several parties in the process and no agreement has been finalised," he explained.

Oceanwood is considered one of the major suitors of Norske Skog. Last year the London-based capital management company joined forces with Norway's Aker Capital, a subsidiary of Aker ASA, to set up a joint company with the purpose of bidding for Norske Skog. This partnership was terminated last week because the parties "did not come to an agreement regarding the terms of a joint bid," Aker Capital informed. Aker Capital said that Oceanwood proceeded in the bidding process on its own, while Aker was not going to place an independent bid.

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