Norske Skog Acquisition Fletcher Paper Completed

Norske Skog Acquisition of
Fletcher Challenge Paper Completed

AUCKLAND 29 July 2000 -The purchase of Fletcher Challenge Paper by Norske Skog was completed overnight New Zealand time with the transfer of funds from Norske Skog to Fletcher Challenge at 10 am July 28 US Eastern Standard Time.

Fletcher Challenge Chief Executive Officer, Michael Andrews, said that the transition had gone very smoothly. “It was quite a complex process, given that Fletcher Challenge Paper is a worldwide company operating in five different countries. The fact that the changeover has gone as well as it has is a testament to the close co-operation between Norske Skog and Fletcher Challenge Paper over the past few months. I believe this should augur well for the combined operation and for the people who will in future be employed by Norske Skog. We certainly wish them all the best.”

ENDS

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