Isn’t that just moving eggs from one basket to another without increasing the number of eggs?
I initially imagined the forests would be sold. Now they are being spun off into their own company, removing assets from Enso’s balance sheet. Shares will be distributed to Enso’s owners, so they will receive the lost balance sheet value as shares in the new company. Where is the benefit in this, unless the forests are then blatantly undervalued on Enso’s balance sheet.
Edit:
Something like Enso’s share price €10 after listing the forests -€5, new company shares +€5