Metsä Group Stock Exchange Release 11 February 2014 at 2.30 pm EET
Metsä Group’s parent company Metsäliitto Cooperative 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 Corporation 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 Oy’s Shareholders’ Agreement signed in 2009. Metsäliitto Cooperative and Metsä Board Corporation divested in total a 24.9 percent holding in Metsä Fibre Oy to Japan-based Itochu Corporation for EUR 472 million in May 2012.
The Arbitral Tribunal has in its judgment today, taken by vote, ordered Metsäliitto Cooperative and Metsä Board Corporation to jointly compensate UPM-Kymmene EUR 67.1 million for damages including arbitration costs and penalty interests. Metsäliitto Cooperative’s share of the total compensation amounts to approximately EUR 47.5 million. The compensation will be included in Metsä Group’s first quarter result of 2014 as a non-recurring item.
For further information, please contact:
Miika Arola, Group General Counsel tel. +358 10 465 4205