The buyers of Norske Skog's forestland in Namdalen and Verran (in Mid-Norway) have obtained approval to complete the purchase. Ulvig Kiær AS were the winning bidders for the property in November 2003, but according to Norwegian law the bid must also be approved by Norwegian authorities. This approval has now been obtained. The property comprises 135,000 hectares (approximately 337,000 acres).

 

The agreed selling price is NOK 153 million, which will be paid on July 1. The transaction results in a gain of around NOK 140 million, which will be booked in Norske Skog's P&L accounts under "Other Items" in Q2, 2004.