Norsk Hydro raises offer for Poland's Alumetal to $296 mln (updated)

Alumetal SA

27/04/2023 21:05

(Adds transaction details, background)
       April 27 (Reuters) - Norwegian metals maker Norsk Hydro  NHY.OL  on Thursday raised its
offer for Alumetal  AMT.WA , nearly a year after it made its bid to buyout the Polish recycler
in an attempt to strengthen its recycling profile in Europe.
    The new offer now stands at 1.230 billion zloty ($296.30 million) in cash for all the shares
of Alumetal, up from an earlier 1.07 billion zloty. Norsk has now offered 78.69 zloty for each
share, which represents a discount of 0.77% over Wednesday's closing price. 
        The potential deal would imply an enterprise value of about 1.61 billion zloty, Norsk
Hyrdro said in a statement.
        The Oslo-based company said that the European Commission's merger review of the
transaction is still pending with a provisional decision deadline of May 23. 
    In October last year, the Commission kicked off its investigation into the proposed Norsk
Hydro deal, warning that the takeover could eliminate a growing rival able to bring cheaper and
advanced recycled aluminium products to the market, which was later paused.

    
($1 = 4.1512 zlotys)

 (Reporting by Rishabh Jaiswal in Bengaluru; Editing by Shailesh Kuber)
 ((rishabh.jaiswal@thomsonreuters.com;))