new export co with fcl, page-9

As part of the merger, Futuris will also subscribe to a placement of shares that will give it a 50 per cent interest in a 30 per cent shareholder in Timbercorp, Timbercorp (WA) Pty Ltd.

The initiative will bring two of the leading hardwood plantation resources in Australia under single management with the scale and experience to consolidate and optimise growing, harvesting and sale to export markets.

It will establish an operating structure which will separate investment management from operational management aspects of the enterprise.

Timbercorp will retain its role as an agribusiness investment manager, continuing to issue interests in plantation forestry projects.

The JV will concentrate on the management and marketing of hardwood plantation resources.