Norsk Hydro Offers To Buy Polish Recycler Alumetal For EUR 232 Mln

Norwegian energy and aluminum company Norsk Hydro ASA (NHY,NHYDY.PK,NHYDY.PK) said that it has offered to buy the Polish recycler Alumetal for 68.4 PLN per share in cash, representing an aggregate equity purchase price of about 1.07 billion PLN or about 232 million euros.

The offer price represents a 4.7% premium over the closing price of the day prior to the announcement.

Norsk Hydro noted that the completion of the tender offer is subject to customary terms and conditions, including obtaining competition clearance and gaining control of a minimum of 66% of total shares outstanding.

Hydro said it has concluded an agreement with two members of the Alumetal Supervisory Board and all members of the Alumetal Management Board, in total holding about 39% of the company's shares, who have undertaken to submit subscriptions in the tender offer for all their shares at the offer price.

The subscription period for the tender offer is expected to commence on June 13, 2022 and expire on July 12, 2022.

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