The Norwegian group NORSKE SKOG (NOK 18 bn turnover in 1999), has taken over the New Zealand firm FLETCHER CHALLENGE PAPER for NOK 21 bn, or 2.5 New Zealand dollars a share. This operation will give rise to a new entity with a turnover of NOK 30 bn and a workforce of 11,000 in 23 factories spread over 13 countries and an annual production of 5.8 million tonnes of newsprint (or 13% of world production).