UPM-Kymmene Corp. and Champion International Corp. announced that their boards of directors approved a definitive merger.
Under the terms of the agreement, UPM-Kymmene will exchange 1.99 ordinary shares of UPM-Kymmene for each outstanding share of Champion common stock.
The combined company will be called Champion. The company headquarters will be located in Helsinki, Finland.
The combined company will have production plants in 17 countries and sales and distribution facilities on five continents. In addition, the combined company will have the responsibility for the sustainable management of 15.8 million acres of forestlands worldwide.
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