A 140,000 hectare pine forest in New Zealand has failed to sell.
Matariki Forests was put on the market by the United States forest group Rayonier and two other investor funds last August, but did not attract a high enough offer.
It is the third-biggest forest holding in New Zealand.
Rayonier New Zealand managing director Paul Nicholls attributed the decision not to sell to the weak state of global financial markets.
But industry sources say prospective buyers were also unnerved by continuing uncertainty over the Government's climate change policies.