NorskeCanada had its origins in the 2000 purchase of Fletcher Challenge Pulp and Paper by Norske Skog. The latter was not interested in entering the North American market, but Fletcher Challenge had offered its assets as an all or nothing deal. This included its 50.8 percent share in Fletcher Challenge Canada, which owned Elk Falls Mill and Crofton Mill. The annual meeting in Fletcher Challenge Canada approved with 99.97 percent of the votes on 26 October 2000 to take the name Norske Skog Canada Ltd. At the time the company had NOK 8 billion in cash which it paid in dividends to the owners.