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Link: Chinese whispers on Fletcher Forests sale

By GEOFF SENESCALL

Fletcher Forests is understood to have resolved differences with the Chinese Government-owned Citic, paving the way for a quick sale of the $1 billion Fletcher offshoot.

Sources close to Citic say settlement with Fletcher Forests over the disputed management contract of the Central North Island Forests Partnership is in sight.

Citic had taken court action in December last year to try to have Fletcher Forests' management contract terminated.

Its claim centred on allegations that Fletcher Forests was getting cheap logs from the partnership.

In the 1999 fiscal year some $50 million worth of logs were sold by the partnership to Fletcher sawmills.

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