Norsk Hydro ASA (NHY,NHYDY.PK,NHYDY.PK) Monday said it has received approval from the EU Commission for a joint transaction with branded consumer goods group Orkla ASA to form a joint venture within aluminium solutions to be named Sapa.
The transaction has already been approved by the U.S. Department of Justice and relevant competition authorities in several other jurisdictions.
The parties are now looking forward to approval from Chinese competition authorities, which is currently evaluating the transaction, which is expected to be completed during the third quarter.
Approval from the EU Commission is conditioned on the sale of Hydro's aluminium prozfile operations at Raufoss in Norway and its affiliated fabrication plant in Vetlanda in Sweden, as well as Sapa's multi-port extrusion operations in Harderwijk in the Netherlands.
The parties have started the process to divest these businesses in line with the Commission's decision.
Arnstein Sletmoe, who has been appointed CFO of the new Sapa joint venture, will temporarily head up Hydro's Extruded Products business area, starting from June 1.
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