The principal shareholder of paper manufacturer Nordic Paper, Strategic Value Partners (SVP), has boosted its ownership in the company to over 90 percent of shares, according to a press release.

This increase was achieved through SVP's bidding company, Coniferous Bidco, which made an offer for Nordic Paper last October. The offer closed in January this year, at which point Coniferous held 85.67 percent of the shares.

However, on September 1, Coniferous received approval from the Swedish Inspectorate of Strategic Products (ISP) to acquire additional shares in Nordic Paper. As a result, its stake has now risen to approximately 90.00168 percent.

Following this development, Coniferous intends to initiate a mandatory buyout of the remaining shares in Nordic Paper, which will ultimately result in the company being delisted from Nasdaq Stockholm.