<B>UPM May be Looking at Boise Cascade</B>

UPM-Kymmene Oyj, Europe's second-largest paper company, may consider

buying Boise Cascade Corp. after UPM lost out to International Paper Co. in a

bid to buy Champion International Corp.

The possible move, mentioned in Business Week, said the company may make a play for Boise Cascade as a way to expand its presence globally. The article reported that Georgia-Pacific also may be eyeing Boise Cascade.

One of Boise's attractions to possible suitors is its position as the third-largest producer of uncoated free-sheet paper. Boise is an integrated paper and forest-products company that produces and distributes paper, paper products, office products, and building products such as plywood. And it owns nearly 2 million acres of timberland in the U.S.

"Its global leadership and lowest-cost position in magazine paper have made

it the only paper company to be included in Morgan Stanley's portfolio of

Competitive Edge 40 Top picks," according to a Morgan Stanley report on

global paper and forest-products companies.