Hydro moves closer to completion of acquiring Alumetal

The main condition of the ongoing tender offer for 100 percent of the shares in Alumetal has been fulfilled, as the existing shareholders have subscribed for the sale of at least 50 percent of the shares. As of 16:30 (CET) on Thursday, June 15, 2023, approximately 68 percent of the shares have already been subscribed.

Hydro is offering PLN 82.00 per each Alumetal share to all shareholders who subscribe for the sale of shares by 23:59 on June 15, 2023. This is with the exception that approximately 32.7 percent of the shares owned by IPO30 UNIPESSOAL LDA will be acquired by Hydro at PLN 78.69 per share. As of June 16, the offer price will be reduced to the initial level, i.e. PLN 78.69 per share.

Subscriptions for the sale of shares in the tender offer will be accepted until June 30, 2023.

Hydro received unconditional approval from the European Commission for the proposed acquisition of Alumetal in early May, so there are no outstanding regulatory conditions to complete the transaction.