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Norsk Hydro Launches Tender Offer to Acquire Polish Recycler Alumetal.

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Vincent

MANews-(C)2009-2022

Norwegian aluminium and renewable energy company Norsk Hydro (OTC: NHYDY) has launched tender offer for 100% of the shares of the Polish recycler, Alumetal, S.A., the company said.

Norsk Hydro seeks to acquire Alumetal for PLN 68.4 per share in cash, representing an aggregate equity purchase price of approximately PLN 1.066m (USD 240m).

The transaction implies an Enterprise Value of approximately PLN 1.332m based on latest reported net debt as of FY2021 and dividends payable of PLN 106m dividend payment date on July 27, 2022.

With the transaction, Hydro will strengthen its recycling position in Europe and widen its product offering in the low-carbon and scrap-based foundry alloy market.

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 has concluded an agreement with two members of the Alumetal Supervisory Board and all members of the Alumetal management board, in total holding approximately 39% of the company's shares, who have undertaken to submit...

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