Dec 16, 2005. /Lesprom Network/. Portuguese conglomerate Sonae began to divest its pulp, paper and woodchip units on Friday, the company said. The move, which was announced in September, will lead to the merger of Sonae Industria - Sonae's woodchip unit - and Sonae 3P (Panels, Pulp and Paper) into one, separate company. The new company will be listed on Euronext Lisbon as Sonae Industria SGPS and the current listing, which is virtually untraded, will be withdrawn. There will be a capital injection of Euro 700 million into the new company. Each share in Sonae will correspond to 0.0677966103 shares in the new entity, Sonae said. Still, analysts earlier broadly welcomed Sonae's divestment plans, saying the conglomerate could benefit and the new, listed company would gain liquidity compared with Sonae Industria.