Key Developments: Norsk Hydro ASA (NHY.OL)

NHY.OL on Oslo Stock Exchange

36.36NOK
19 Sep 2014
Price Change (% chg)

kr-0.74 (-1.99%)
Prev Close
kr37.10
Open
kr37.09
Day's High
kr37.21
Day's Low
kr36.35
Volume
9,151,562
Avg. Vol
5,795,467
52-wk High
kr38.82
52-wk Low
kr24.50

Search Stocks

Latest Key Developments (Source: Significant Developments)

Norsk Hydro ASA Signs Revolving Credit Facility
Monday, 18 Nov 2013 02:00am EST 

Norsk Hydro ASA announced that it has signed a USD 1,700 million syndicated revolving multi-currency credit facility with a syndicate of 13 international banks. The facility is for general corporate purposes. Hydro has since 2007 had a USD 1,700 million revolving credit facility with maturity in July 2014. This facility has remained undrawn. Hydro has now established a new credit facility, replacing the facility which was to mature in July 2014. The credit facility has a five-year tenor, and includes two one-year extension options.  Full Article

Norsk Hydro ASA Signs Contract with Western Bulk ASA-Reuters
Thursday, 14 Nov 2013 02:27am EST 

Reuters reported that Western Bulk ASA has entered into a six-year contract with Norsk Hydro ASA’s Hydro Aluminium to charter a ship from Japan for seven years, with a purchase option as of year five. The financial details were not disclosed.  Full Article

Vale SA Sells Entire Stake in Norsk Hydro ASA
Thursday, 14 Nov 2013 02:15am EST 

Norsk Hydro ASA announced that in connection with Vale's sale of ordinary shares of Norsk Hydro ASA (Hydro), through its wholly owned subsidiary Vale International Holdings GmbH, the over-allotment option of 40,712,224 Hydro shares granted by Vale was exercised in full at a price of NOK 25.00. Therefore, the gross cash proceeds from the offering will increase to NOK 11.196 billion, equivalent to approximately USD 1.822 billion. Settlement of the previously announced base offering and the over- allotment option is expected to take place on November 15, 2013. As a result of and following the exercise of the over- allotment option, no stabilization activities will be undertaken and Vale will not hold any shares in Hydro. The sale of Hydro shares is consistent with Vale's strategy of reducing its exposure to non-core assets. Vale currently has a representative on the board of directors of Hydro.  Full Article

Vale Prices Offer to Sell Norsk Hydro ASA's Shares
Tuesday, 12 Nov 2013 02:03am EST 

Norsk Hydro ASA announced that Vale S.A. (Vale) has placed 407,122,241 ordinary shares of Norsk, held through its wholly-owned subsidiary Vale International Holdings GmbH, at a price of NOK 25.00 per share, resulting in gross cash proceeds of NOK 10,178 million, equivalent to USD 1,656 million. Assuming the over-allotment option of 40,712,224 shares granted by Vale is exercised in full, gross proceeds will increase to NOK 11,196 million, equivalent to approximately USD 1,822 million. After the completion of the transaction, assuming no exercise of the over-allotment option, Vale will hold, through its wholly-owned subsidiary, 40,712,224 shares in Hydro, representing approximately 2.0% of Hydro's share capital and voting rights and thus reduce its shareholding in Hydro below the 5% threshold set out in the Norwegian Securities Trading Act, Section 4-2. If the over-allotment option is exercised in full, Vale will not hold any shares in Hydro.  Full Article

Norsk Hydro ASA's Part-Owned Smelter Slovalco Signs Power Contract
Tuesday, 8 Oct 2013 02:01am EDT 

Norsk Hydro ASA announced that its part-owned aluminium smelter in Slovakia, Slovalco, has signed a Power Purchase Agreement (PPA) for power supply with Slovenské Elektrárne. Following signing of a Letter of Intent for power supply, announced on July 18, Slovalco has entered into a PPA for electricity supply in the period 2014 to 2021. The power contract is the important element in securing the total power framework for Slovalco, while securing other elements, such as grid cost, are in process.  Full Article

Norsk Hydro ASA and Agder Energi Sign LoI to Establish Jointly Owned Company to Develop Otra Assets; Norsk Hydro Signs Extension of Project Management Agreement with Agder Energi
Friday, 27 Sep 2013 02:01am EDT 

Norsk Hydro ASA (Hydro) announced that it has signed a Letter of Intent (LoI) with Agder Energi for the possible establishment of a jointly owned company to operate and further develop their combined assets in the Otra River, southern Norway, where Hydro recently acquired the Vigelands Brug hydropower plant. The LoI is conditional on a proposed adjustment of the Industrial Concession Act to enable private entities the possibility to organize an ownership share in a company with liability (ANS/DA). This will enable private entities to take out profit in the form of power rather than restricting it to financial remuneration, which is important to Hydro as a fully integrated aluminum company active throughout the value chain from bauxite to finished products. Should it materialize, Hydro would own less than one-third of the envisaged jointly owned company (DA), which would satisfy the legal requirements regarding public control and be comparable to Hydro owning one-third in a private limited company. In addition, Hydro and Agder have signed an agreement regarding project management support. Hydro's Projects unit has provided project management resources and systems to Agder Energi since summer of 2012 to execute the Iveland 2 project. This cooperation has now been extended through a Collaboration Agreement to cover all of Agder Energi's major hydropower projects, lasting for several years.  Full Article

Orkla ASA and Norsk Hydro ASA Complete Establishment of Sapa Aluminium Joint Venture
Monday, 2 Sep 2013 02:01am EDT 

Orkla ASA announced that the transaction to combine Norsk Hydro ASA's Extruded Products business area and Orkla ASA's Sapa into a 50/50 joint venture has been completed as planned. Orkla and Hydro agreed in October 2012 to combine their respective profiles, building systems and tubing operations in a joint venture, owned 50/50 by the two companies. The new entity, Sapa, is a player within the field of extruded aluminium solutions. The company has 23,000 employees, and is headquartered in Oslo, Norway. Sapa is serving customers from more than 100 production units in 40 countries. The new joint venture is operating in Europe and North America, Brazil, China, India and Vietnam.  Full Article

Norsk Hydro ASA's Part-Owned Slovalco Smelter Signs Letter of Intent for Power Supply
Thursday, 18 Jul 2013 01:05am EDT 

Norsk Hydro ASA announced that the Company's part-owned aluminium smelter in Slovakia, Slovalco, has signed a Letter of Intent (LoI) for power supply with Slovenske Elektrarne. The LoI covers electricity supply over an eight-year period from January 1, 2014, with a total delivery of 19 terawatt hours (TWh). The LoI is a first move towards securing the total framework that will enable continued operations at Slovalco. Securing other elements in the power framework will also be important in the process going forward.  Full Article

Norsk Hydro ASA and Serenity Sign Agreement for Possible Restart of Magnesium Production at Heroya
Wednesday, 3 Jul 2013 08:00pm EDT 

Norsk Hydro ASA announced that the Company and Serenity Capital Pte. Ltd have signed an agreement that could lead to Serenity’s Norwegian subsidiary SilMag International AS restarting magnesium production at Heroya, Norway. Under the agreement, Hydro, which closed down its magnesium production there in 2002, will provide production assets and technology, as well as lease of land and other infrastructure at the Heroya Industrial Park, which is a fully owned subsidiary of Hydro. The agreement is conditional on Serenity securing necessary financing to fund the project. Hydro's history at Heroya started in 1928, when the company began producing fertilizer, and later PVC and magnesium. The magnesium production ceased in 2002, while the fertilizer business was demerged in 2004, creating Yara as a stand-alone global fertilizer giant. With the divestment of Hydro Polymers in 2008, Hydro had no remaining industrial production at Heroya.  Full Article

Norsk Hydro ASA Acquires Vigeland Metal Refinery and Vigelands Brug-DJ
Monday, 17 Jun 2013 06:03am EDT 

Dow Jones reported that Norsk Hydro ASA has signed an agreement with Rio Tinto Alcan to acquire its 50% ownership share in the Vigeland Metal Refinery AS and 100% ownership share in the AS Vigelands Brug hydropower station, located in southern Norway. Hydro held a 50% ownership share in Vigeland Metal Refinery AS prior to the transaction, and was the sole off-taker of its production of high-purity aluminium. The transaction will be notified to the Norwegian Competition Authority, and Hydro will also apply to Norwegian authorities for an approval to acquire the hydropower assets in AS Vigelands Brug. Financial details were not disclosed.  Full Article

UPDATE 2-Norsk Hydro sees best global aluminium outlook in years

* Stock falls 3.8 percent early but erases losses (Recasts with outlook comments, adds CEO, CFO quotes, analysts, updates shares)

Search Stocks