Norske Skog has entered into an agreement to sell the remaining 49% of the shares in Norske Skog Pisa in Brazil to Papeles Bio Bio SA (formerly Norske Skog Bio Bio) which is controlled by Group BO / Pathfinder, a consortium of Chilean investors. The sales price for the 49% stake is USD 37 million , and the proceeds will be received during the first half of 2014. - We are pleased that we are selling the remaining stake in the Brazilian operations earlier than expected. For some time, we have stated that we aim to have our core business in Europe and Australasia . The sale is also part of our strategy to improve our liquidity, says Sven Ombudstvedt , President and CEO of Norske Skog . Following this transaction, Norske Skog will no longer have paper production in South America . As part of the initial divestment of the 51% stake in Norske Skog Pisa in June 2013 , a framework for selling the remaining 49% of the shares was agreed with Papeles Bio Bio SA . These terms have now been renegotiated and include an accelerated timeline for the sale of the 49% stake. This has been possible due to a Brazilian tax refinancing program (REFIS) which was launched by the Brazilian authorities in the second half of 2013 and in which Pisa has participated. Papeles Bio Bio SA will continue to develop the activities in Brazil together with its operations in Chile . Norske Skog Communications and Public Affairs For further information: Media: Financial markets: Vice President Corporate Communication Vice President Investor Relations Carsten Dybevig Tom Rogn Mob: (+47) 917 63 117 Mob: (+47) 948 55 659 This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. This announcement is distributed by GlobeNewswire on behalf of GlobeNewswire clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Norske Skog via GlobeNewswire [HUG#1753107]
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