Stora Enso has recouped some €1.6bn from the restructuring of its Swedish forestlands.
The forest products giant has sold the majority of its shares in Bergvik Skog AB to institutional investors. It will retain a 43.3% shareholding in the company.
Stora Enso had already transferred its Swedish forests to Bergvik Skog, which has entered into long-term supply contracts to grant the company about 4.5 million m3 per year of cutting rights at market prices.
The sale will reduce Stora Enso’s debt by about €1.1bn and give it a net increase in equity of about €350m, of which €113m will be shown as capital gain in first quarter operating profits.
The company has also divested its 146,000ha of forestland in Ontario, Canada, releasing about €18m of operating capital.
