STOCKHOLM, Sweden, Jan. 20, 2003 (PRIMEZONE) -- SCA (Other OTC:SVCBF) has chosen to sell its minority shareholding (19.3%) in Metsa Tissue to the main owner M-Real at a price corresponding to EUR 12.30 per share. As a result of the divestment, SCA capitalizes assets totalling EUR 71 M, corresponding to SEK 650 M.
The block of shares now being divested was acquired by SCA prior to the agreements in 2000 with M-Real, whereby M-Real acquired SCA's holding in Modo Paper and SCA acquired M-Real's transport packaging operations as well as M-Real's majority shareholding (65.6%) in Metsa Tissue. In January 2001, the EU Commission decided not to approve SCA's acquisition of Metsa Tissue and consequently the acquisition of M-Real's majority shareholding was automatically cancelled.
As a result of the divestment, SCA will report a capital gain totalling EUR 5.4 M, corresponding to SEK 50 M. SCA's earnings in the first quarter of 2003 will be affected positively by an additional approximately SEK 150 M attributable to the reversal of the provision made in spring 2001 to cover, among other items, any future costs in conjunction with the divestment of the minority shareholding.
For further information please contact:
Jan Astrom, President and CEO
Phone +46 70-586 07 01
Peter Nyquist, Senior Vice President
Communications and Investor Relations
Phone +46 70-575 29 06
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The following files are available for download:
http://www.waymaker.net/bitonline/2003/01/20/20030120BIT00840/wkr0001.doc
http://www.waymaker.net/bitonline/2003/01/20/20030120BIT00840/wkr0002.pdf