Date: Thursday April 6, 2006 11:21:00 am
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IP agrees sale of 5.1 million acres in US
April
2006 – Stamford (CT): International Paper has announced an agreement to
sell approximately 5.1 million acres of forestlands in the US for
aggregate proceeds of approximately $6.1 billion.
The agreement,
which involves two separate investor groups, means the company has sold
approximately 85 per cent of its US forestland holdings.
“These
agreements for the sale of forestland at very attractive valuations are
important steps forward in our plan to increase our focus and improve
returns to shareholders,” said IP’s chairman and CEO John Faraci.
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