The closing of M-real’s divestment of the 7.3 percentage point shareholding in Metsä Fibre is subject to German competition authority approval, and it is expected to take effect before June 30. Once the divestment is completed, M-real owns 24.9 percent, Metsäliitto Cooperative 50.2 per cent and Itochu Corporation 24.9 percent of Metsä Fibre.The divestment is done to reduce M-real’s pulp surplus and to further strengthen Metsä Fibre’s business, especially in the growing Asian market. After the transaction, M-real’s pulp surplus is reduced from approximately 0.5 to 0.3 million annual tons.“We are reducing our pulp surplus according to our strategy. Also in the future we produce more pulp than we use, thus we continue to have a good platform to grow our profitable paperboard business. These divestments also strengthen the company’s liquidity without having a material impact on our operating cash flow,” comments M-real’s CEO, Mikko Helander. Itochu Corporation is one of the largest trading companies in Japan with approximately 130 bases in different industries in close to 70 countries. Itochu Corporation’s trading volume for the fiscal year ended on 31 March 2011 exceeded 100 billion Euros.M-real also divests 0.5 percentage points of its holding in Pohjolan Voima Oy. The buyer is Metsä Fibre, and the price is 64 million Euros.