UPM-Kymmene withdraws from Champion deal

"After International Paper's unsolicited offer it has become clear that the merger of Champion International and UPM-Kymmene cannot be carried out at a price level acceptable to UPM-Kymmene shareholders," says Mr Juha Niemelä, President and Chief Executive Officer of UPM-Kymmene.

"UPM-Kymmene's market positions are strong and profitability is good. Therefore, UPM-Kymmene is capable to be an active player in the consolidation process of forest industry. Champion would have been a good match for UPM-Kymmene. However, the termination of the planned acquisition does not change UPM-Kymmene's strategy: our primary objective is to be one of the world's leading forest products companies," adds Mr Niemelä.