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Norske Skog Canadian tax issue

Oxenoen, Norway — Norske Skog and the Canadian tax authorities have reached agreement regarding an issue relating …

Oxenoen, Norway — Norske Skog and the Canadian tax authorities have reached agreement regarding an issue relating to a subsidiary of the company Fletcher Challenge, which was acquired in year 2000. According to the agreement, Norske Skog will pay approximately CAD 42.5 million as the final settlement. The amount will be booked as tax cost in the accounts for the fourth quarter of 2007.

Norske Skog had earlier informed that the issue might, in the worst case, amount to a claim of about NOK 4.5 billion, as described in note 10 to the consolidated accounts for 2006.