Ilim Pulp Enterprises, a Russian timber industry corporation based in St Petersburg, is to consolidate its shares, Ilim Pulp told Interfax. By mid-July the corporation plans to set up a new company, the Ilim - Timber Industry Company. Over the next six weeks, annual shareholder meetings will be held by Kotlass Pulp and Paper Mill (Arkhangelsk region), Ust-Ilim Timber Mill, Bratskkompleksholding and the Pulp and Cardboard Combine (Irkutsk region). Shareholders will discuss charter changes, approve restructuring deals, confirm the charter of Ilim - Timber Industry Company and discuss the exchange of shares. If all these issues are settled by mid-July, the new company's shareholders will meet to confirm founding documents and decide on share issues for conversion. The merged company will have charter capital of 3.7 billion rubles, split into shares with par value of 1 ruble. Conversion ratios have been calculated so that for one Kotlass Pulp and Paper Mill share, shareholders will receive 1.93 shares in the new company, one Bratskkompleksholding share - 21.2 shares, one Pulp and Cardboard Combine share - 971.81299 and one Ust-Ilim Timber Mill share - 6.9.