Finnforest and norwegian forest owners`associations enter into agreement regarding the ownership in Moelven Industrier ASA

09.08.01

Finnforest has entered into a shareholders agreement with Norwegian forest
owners' associations and one Swedish forest owners' association, all holding
shares in Moelven Industrier ASA. 

The essential objective of the shareholders agreement is to establish a stable
basis for co-operation in the best interest of Moelven Industrier and ensure a
profitable growth and development of Moelven as a strong Norwegian
internationally valued company. 

Finnforest made a voluntary offer on 14 May 2001 to acquire all outstanding
shares in Moelven Industrier. When announcing the offer, Finnforest stated it
would prefer a continued ownership in Moelven Industrier by the forest owners'
associations. The voluntary offer was i.a. conditioned upon obtaining relevant
approvals from the Commission of the European Communities and the Norwegian
Ministry of Trade and Industry. 

On 18 July the EU Commission approved Finnforest's purchase of shares under its
voluntary offer. Up to the present no particular issues have been raised by the
Ministry of Trade and Industry indicating that the acquisition will be denied
and it is likely that approval is obtained in the course of next week. 

Finnforest and the forest owners' associations together own 94,72 percent of
the shares in Moelven Industrier. Finnforest owns 57,13 percent and the forest
owners' associations' aggregate ownership represents 37,59 percent of the
shares. A mandatory offer to purchase the remaining shares will be submitted by
Finnforest after a positive outcome of the Ministry's handling of the
notification of the Moelven shares. 

For further information, contact:
Finnforest Corporation, President & CEO Ari Martonen, tel. +358 50 2406
Finnforest Corporation, Bo Borgström, Senior Vice President, Engineered Wood
Division, tel. +358 400 714 311