Last December, Blackstone's GSO Capital Partners raised its stake in Norske Skog to become the biggest shareholder in the company. Now Blackstone is striving after sole control in the distressed Norwegian paper manufacturer.
US private equity firm Blackstone Group L.P. is considering the takeover of Norway's newsprint and magazine paper manufacturer Norske Skog. On 3 February, the European Commision (EC) announced that it was informed by the Blackstone Group L.P. of its intention to acquire indirect sole control of Norske Skog. The proposed transaction is running under simplified procedure. The provisional deadline is set at 3 March 2016.
On 3 December 2015, funds under the management of Blackstone's credit branch GSO Capital Partners had acquired a total of 15,824,672 shares in Norske Skog and increased GSO's shareholding in the company to 10.59%. According to media reports, the investment firm GSO is also the biggest holder of Norske Skog's unsecured bonds due 2017.