Hydro’s tender offer for Alumetal share sales ends with more than 97% subscriptions
Hydro’s subscription period for the Alumetal share sales tender ended on Friday, June 30, with more than 97 per cent of shares being subscribed. Thus, Hydro can now purchase all Alumetal shares that were subscribed for sale. The timeline of the share purchase is till July 5, and it should be settled by July 7.
At the end of June, Hydro received more than 80 per cent of Alumetal shares subscriptions after increasing the offered price for the second time to PLN 82.00 per share, valid through the last date of subscription submission on June 30, 2023.
Eivind Kallevik, Executive Vice President of Hydro Aluminium Metal, said: “We are very pleased that our tender offer has ended successfully. As previously announced, our aim will now be to efficiently carry out a squeeze-out of the shares remaining in the hands of minority shareholders and to delist Alumetal from the WSE. We are impressed by Alumetal’s development, the quality of production, and the competence of management and employees. At this stage, we aim to integrate Alumetal within Hydro and to develop an even better offering of low-carbon recycled aluminium to our customers.”
In case purchased shares are equal to 100 per cent of Alumetal’s share capital, the value of the transaction will worth approximately PLN 1,265 million and the enterprise value approximately PLN 1,651 million, including dividend payable.
Scrap Expo: Unleashing the potential of metal scrap in Louisville, Kentucky!
Next articleMalaysia’s aluminium scrap imports from the US beat India hauling 38,500 tonnes in March 2023
Grow with
AL Circle
