Stora Enso Oyj and its wholly-owned subsidiaries Stora Enso Fine Papers Oy, Lumi-Hamina Oy, Enso Paperikemia Oy and Tornion Pakkauslava Oy have signed agreements to merge under which the subsidiaries will be absorbed into the parent company Stora Enso Oyj and all their assets and liabilities will be transferred to Stora Enso Oyj without liquidation proceedings. As this will be an absorption of subsidiaries, no payment will be made for their acquisition.
The reasons for the merger in the case of Stora Enso Fine Papers Oy are to enhance the cost efficiency of the Group's operations, to utilize resources more effectively and to simplify administration. The other subsidiaries are being absorbed to simplify administration because they are no longer operating companies. The Articles of Association of Stora Enso Oyj will not be amended. It is planned that the registration date on which the merger will become effective will be 30 June 2001.
