Metsä Board Corporation Stock Exchange Release 11 February 2014 at 2.30 pm EET
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 EUR 58.5 million in damages and secondarily to return an EUR 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.
The Court of Arbitration has in its judgment of today, taken by vote, ordered Metsä Board to compensate to UPM-Kymmene approximately 19.7 million euros 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 EUR 138 million in May 2012 and booked a EUR 85 million capital gain.
METSÄ BOARD CORPORATION
Further information:
Juhani Pitkänen, Assistant General Counsel, tel. +358 10 465 5245
Juha Laine, Vice President, Investor Relations and Communications, tel. +358 10 465 4335