Government approves sale of stake in Russian company to International Paper
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On March 6, 2023, the Subcommittee of the Government Commission for the Control of Foreign Investments in the Russian Federation approved a deal to sell 50% of the shares of the Swiss holding company Ilim SA (a joint venture that owns more than 96.37% of the shares of Ilim Group JSC).
The buyers were the Russian partners of International Paper (IP) Zakhar Smushkin and Boris Zingarevich, Deputy Minister of Industry and Trade Viktor Evtukhov said. The deal to sell the IP stake in the joint venture is in its final stages. The parties expect to close the deal in April 2023, but the process is taking place in a “changing political and regulatory environment”, which may affect the timing.
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