Trading Suppliers News Analytics Jobs Advertising Lesprom
The Court of Arbitration has in its judgment of today, taken by vote, ordered Metsä Board to compensate to UPM-Kymmene approximately Euro 19.7 million in damages, including costs related to the arbitration proceedings and penalty interests.

Packaging

Metsä Board to compensate to UPM approximately Euro 19.7 million

Feb 12, 2014. /Lesprom Network/. Metsä Board Corporation, a part of Metsä Group, announced on 2 November 2012 the initiation by UPM-Kymmene Corporation of arbitration proceedings in which UPM-Kymmene claimed jointly from Metsäliitto Cooperative and Metsä Board primarily Euro 58.5 million in damages and secondarily to return an Euro 58.5 million claimed unjust enrichment based on an alleged breach of the tag-along clause specified in Metsä Fibre’s shareholder agreement signed in 2009, as the company said in the press release received by Lesprom Network.

The Court of Arbitration has in its judgment of today, taken by vote, ordered Metsä Board to compensate to UPM-Kymmene approximately Euro 19.7 million in damages, including costs related to the arbitration proceedings and penalty interests. The damage compensation will be booked in Metsä Board’s other operations’ 1Q 2014 operating result as a non-recurring item.

Metsä Board divested 7.3 percentage points of its shareholding in Metsä Fibre Oy to the Japan-based Itochu Corporation for Euro 138 million in May 2012 and booked a Euro 85 million capital gain.

Metsä Board is Europe’s leading producer of fresh forest fibre cartonboards, the world’s leading manufacturer of coated white-top kraftliners, and a major paper supplier.

Facebook (opens in a new window) Twitter Linkedin Mail Lesprom Feedback

Tags

Topics

Markets

Interesting to see