EXHIBIT  21



                       LIST OF SIGNIFICANT SUBSIDIARIES
                       --------------------------------


Subsidiary                                         Jurisdiction of Incorporation
- ----------                                         -----------------------------

Champion Papel e Celulose Ltda............................................Brazil
Weldwood of Canada Limited......................................British Columbia



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    All subsidiaries of the Company other than those listed above, considered in
the aggregate as a single subsidiary, do not constitute a significant subsidiary
as of December 31, 1995.