EU Competition Regulators Give Conditional Approval to Norsk Hydro ASA and Orkla ASA Joint Venture-Reuters

Monday, 13 May 2013 11:14am EDT 

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). 

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