Brief: Norsk Hydro Announces Tender Offer For 100% Of Shares Of Alumetal

Alumetal SA

29/04/2022 06:24

(Adds Alumetal's RIC)
    April 29 (Reuters) - Norsk Hydro ASA  NHY.OL :
    * NORSK HYDRO ANNOUNCES TENDER OFFER FOR 100% OF THE SHARES
OF THE
POLISH RECYCLER, ALUMETAL, S.A.
    * REPRESENTING AN AGGREGATE EQUITY PURCHASE PRICE OF
APPROXIMATELY
1.066 PLN MILLION
    * TRANSACTION IMPLIES AN ENTERPRISE VALUE OF APPROXIMATELY
1.332
PLN MILLION (APP. EUR 290 MILLION)
    * WILL STRENGTHEN ITS RECYCLING POSITION IN EUROPE AND WIDEN
ITS
PRODUCT OFFERING IN LOW-CARBON AND SCRAP-BASED FOUNDRY ALLOY
MARKET.
    * CONCLUDED AN AGREEMENT WITH TWO MEMBERS OF ALUMETAL
SUPERVISORY
BOARD AND ALL MEMBERS OF ALUMETAL MANAGEMENT BOARD, IN TOTAL
HOLDING ABOUT 39%
    * FOLLOWING ACQUISITION OF ALUMETAL, HYDRO WILL INCREASE PCS
USAGE
OF APPROXIMATELY ABOUT 150 KTPY
    * ACQUISITION WILL PROVIDE AN ANNUAL EBITDA UPLIFT OF EUR 47
MILLION BASED ON ALUMETAL'S 2021 FINANCIALS.
    * OFFER PRICE REPRESENTS A 4.7% PREMIUM OVER CLOSING PRICE
OF DAY
PRIOR TO ANNOUNCEMENT
    * NORSK HYDRO ASA - SUBSCRIPTION PERIOD FOR TENDER OFFER IS
EXPECTED TO COMMENCE ON JUNE 13, 2022 AND EXPIRE ON JULY 12,
    * ALUMETAL IS SECOND LARGEST PRODUCER OF CASTING ALUMINIUM
ALLOYS
IN EUROPE WITH A PRODUCTION CAPACITY OF 275,000 TONS PER YEAR
    * COMPANY SELLS ITS PRODUCTS PRIMARILY WITHIN EUROPE AND TO
AUTOMOTIVE SECTOR

Source text for Eikon:  ID:nGNEwBC6B 
Further company coverage:  NHY.OL 

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