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. Last Updated: 07/27/2016

Nordic Buy in U.S.

HELSINKI, Finland -- Finnish-Swedish forestry group Stora Enso said Tuesday it would buy U.S. rival Consolidated Papers for 4.9 billion euros ($4.84 billion) to leapfrog rivals and create the world's top producer.

The deal is the second major trans-Atlantic forest industry merger in less than a week, coming just four days after Finnish UPM-Kymmene said it would take over Champion International for 6.6 billion euros.

"The combined enterprise will be the largest producer of paper and board by capacity worldwide, with total 1999 sales of approximately 12.4 billion euros and total paper capacity of approximately 15 million metric tons," the group said.