Transfennica Sold To Finnlines

Finnlines Plc has bought Transfennica Ltd. from its present shareholders UPM-Kymmene Corporation (49.9 % holding), Metsä-Serla Corporation (32.7 %), Myllykoski Paper Oy (9 %) and Oy Metsä-Botnia Ab (8.4 %). At the same time Finnlines together with its subsidiaries made long-term co-operation agreements on the transportation of Transfennica’s owners products from Finland to the rest of Europe. The value of the transportation agreements together with the free of debt value of the shares of Transfennica has been agreed to be some $68 million. Transfennica is a shipping company specialized in forest industry products. The company operates a fleet of over 20 modern RoRo vessels. Last year’s (1999) turnover was $187 million. This acquisition still requires the approval of the relevant competition authorities.