Orkla ASA: EU approves joint venture in aluminium solutions
(Thomson Reuters ONE) -
The EU Commission has today approved the transaction between Norsk Hydro ASA and
Orkla ASA to form a 50/50 joint venture, to be named Sapa. Pending necessary
approval from Chinese competition authorities, the parties expect the
transaction to be completed at the latest in third quarter 2013.
The transaction has already been approved by the U.S. Department of Justice and
relevant competition authorities in several other jurisdictions. The parties
also need approval from Chinese competition authorities (MOFCOM), which are
currently evaluating the transaction.
Due to limited overlap of the parties' operations in China, the parties expect
the transaction to be approved. The timing of the approval from MOFCOM is
difficult to determine, but the parties expect the transaction to be approved at
the latest in the third quarter.
Approval from the EU Commission is conditional on the sale of Hydro's aluminium
profile business at Raufoss in Norway and in Vetlanda in Sweden, as well as
Sapa's multi-port extrusion (MPE) business in Harderwijk in the Netherlands. The
parties have started the process to spin off these businesses in line with the
Commission's decision.
Orkla ASA
Oslo, 13 May 2013
Ref.:
Håkon Mageli, EVP Corporate Communications and Corporate Affairs
Tel: +47 92 84 58 28
Rune Helland, SVP Investor Relations
Tel: +47 99 71 35 50
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Orkla ASA via Thomson Reuters ONE
[HUG#1701283]
Unternehmensinformation / Kurzprofil:
Datum: 13.05.2013 - 17:33 Uhr
Sprache: Deutsch
News-ID 259295
Anzahl Zeichen: 2253
contact information:
Town:
Oslo
Kategorie:
Business News
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