Key Developments: Norsk Hydro ASA (NHYDY.PK)
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Latest Key Developments (Source: Significant Developments)
EU Competition Regulators Give Conditional Approval to Norsk Hydro ASA and Orkla ASA Joint Venture-Reuters
Reuters reported that the EU (European Union) competition regulators gave approval on Monday to Norsk Hydro ASA and Orkla ASA to combine their aluminum extrusion businesses, on condition that they dispose of some assets. The European Commission, which acts as the competition authority in the European Union, said in a statement aluminum group Hydro must divest its largest soft-alloy extrusions plant in Norway, and conglomerate Orkla must dispose of its multiport extrusions (MPEs) business in the Netherlands. The firms proposed a 50/50 joint venture last October to cut costs by an annual NOK 1 billion (USD 172 million). Full Article
Norsk Hydro ASA Approves Dividend Of NOK 0.75 Per Share
Norsk Hydro ASA announced that the proposal to distribute a dividend of NOK 0.75 per share. The dividend will be paid on May 23, 2013 to ordinary shareholders listed in the Norwegian Central Securities Depository as of May 14. The share will be traded ex-dividend from May 10. Full Article
Norsk Hydro ASA Updates On Formation of Joint Venture with Orkla ASA
Norsk Hydro ASA announced that after the agreement between Norsk Hydro ASA and Orkla ASA to combine their respective aluminum extrusion businesses, the European Commission has expressed preliminary concerns regarding the possible competitive effects of the intended merger in certain markets. The concerns relate to multi-port extrusions (MPE) in Europe and soft-alloy extrusions in the Nordic region, in this context defined as Norway and Sweden. In response to the concerns expressed by the European Commission, Orkla and Norsk Hydro propose, if required, to divest Sapa's MPE business at Harderwijk in the Netherlands and Norsk Hydro's extrusion plant at Raufoss in Norway, including Hydro's affiliated fabrication plant in Vetlanda, Sweden. The European Commission's initial review period will be extended until May 14, 2013. Provided that it approves the joint venture transaction subject to these conditions, a divestment process of the plants will be initiated. The planned transaction between Norsk Hydro and Orkla has been approved by the United States Department of Justice and relevant competition authorities in several other jurisdictions. In addition to the clearance from the European Commission, completion of the transaction is also subject to approval by Chinese authorities. Norsk Hydro and Orkla expect the planned joint venture transaction, retaining the company name Sapa, to be completed in the first half of 2013. Full Article
Norsk Hydro ASA Proposes FY 2012 Dividend
Norsk Hydro ASA announced that its Board of Directors decided to propose a dividend payment of NOK 0.75 per share for the fiscal year 2012. Full Article
Norsk Hydro ASA Appoints Eivind Kallevik as New CFO
Norsk Hydro ASA announced that Eivind Kallevik has been appointed Executive Vice President and Chief Financial Officer (CFO) for the Company. The appointment of Mr. Kallevik, currently Head of Finance in the Company's Bauxite & Alumina business area, will become effective from February 15, 2013. He has worked in the Company since 1998 in a variety of senior positions in the corporate center and in business areas along the value chain, in Norway and internationally. His career at the Company includes core positions within the finance area, including corporate accounting, financial reporting, performance management and treasury. He will replace Executive Vice President and CFO Jorgen C. Arentz Rostrup, who will leave the Company to pursue other opportunities. Mr. Kallevik will join the Company's Corporate Management Board at the same time as he takes over as CFO. Full Article
Vale SA Says It May Sell Norsk Hydro ASA Stake-Reuters
Reuters reported that Vale SA is considering selling its 22% stake in Norwegian aluminum group Norsk Hydro ASA because it is not part of its core business. Full Article
Norsk Hydro ASA, Orkla ASA To Form Joint Venture-DJ
Dow Jones reported that Norsk Hydro ASA and Orkla ASA have agreed to join their profiles, building systems and tubing businesses as they react to toughening conditions and prepare for future emerging market growth. The equal joint venture will be called Sapa. Based on 2011 numbers, it would have 47 billion kroner ($8.21 billion) in annual revenue and is expected to yield annual synergies of around NOK1 billion. Completion of the transaction is expected to take place in the first half of 2013, and either party can initiate an initial public offering of the new company after three years from closing, with each party able to retain a 34% holding. Full Article
Norsk Hydro ASA Agrees To Sell Taiwan Remelter Plant To Ting Sin Metal Co. Ltd
Norsk Hydro ASA announced that it has entered into a binding agreement to sell aluminium remelt plant in Taiwan to Ting Sin Metal Co. Ltd. The transaction is expected to close during October. Full Article
Norsk Hydro ASA Announces NOK 1,500 Million Loan
Norsk Hydro ASA announced that it has issued a new loan, Norsk Hydro ASA 12/19 5.40%, under the NHY05 ticker and NO0010650203 ISIN numbers. The value of the loan is NOK 1,500 million and it is an open loan. The due date is July 5, 2019. The interest rate is 5.40% per annum and the loan is interest-bearing as of July 5, 2012. The DOL Classification Group is Major Bonds Sector (OMJ), and the facilitators are DNB Markets and Danske Markets. Full Article
Norsk Hydro ASA to Shut Down Aluminum Remelt Operations in Aardal, Norway and Cut Jobs-Reuters
Reuters reported that Norsk Hydro ASA is to shut down its aluminum remelt operations in Aardal in western Norway. The operations are considered unprofitable and about 60 jobs would be phased out over time. None of the permanent employees will be terminated as a result of the decision, and the positions will be phased out over time, including through natural attrition. Full Article
UPDATE 1-Norsk Hydro tops forecast, sees aluminium demand rising
* Sees global aluminium demand ex China up 2-4 pct in 2013
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