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, 1994.