Norsk Hydro: Chinese competition authorities have approved Sapa joint venture in aluminium solutions
(Thomson Reuters ONE) -
The Chinese competition authorities (MOFCOM) have approved the closing of the
transaction whereby Hydro and Orkla will have 50/50 ownership of the planned
Sapa joint venture.
The approval from the Chinese competition authorities marks the conclusion of
the competition law assessment of the agreement, necessary for closure. The
transaction has already been approved by the EU Commission, the U.S. Department
of Justice and relevant competition authorities in several other countries.
The parties intend to close the transaction as soon as possible and with
accounting effect from September.
Investor contact
Contact Rikard Lindqvist
Cellular +47 41751199
E-mail Rikard.Lindqvist(at)hydro.com
Press contact
Contact Halvor Molland
Cellular +47 92979797E-mail
Halvor.Molland(at)hydro.com
*********
Certain statements included within this announcement contain forward-
looking information, including, without limitation, those relating to (a)
forecasts, projections and estimates, (b) statements of management's plans,
objectives and strategies for Hydro, such as planned expansions, investments or
other projects, (c) targeted production volumes and costs, capacities or rates,
start-up costs, cost reductions and profit objectives, (d) various expectations
about future developments in Hydro's markets, particularly prices, supply and
demand and competition, (e) results of operations, (f) margins, (g) growth
rates, (h) risk management, as well as (i) statements preceded by "expected",
"scheduled", "targeted", "planned", "proposed", "intended" or similar
statements.
Although we believe that the expectations reflected in such forward-
looking statements are reasonable, these forward-looking statements are based on
a number of assumptions and forecasts that, by their nature, involve risk
and uncertainty. Various factors could cause our actual results to differ
materially from those projected in a forward-looking statement or affect the
extent which a particular projection is realized. Factors that could cause
these differences include, but are not limited to: our continued ability to
reposition and restructure our upstream and downstream aluminium business;
changes in availability and cost of energy and raw materials; global supply and
demand for aluminium and aluminium products; world economic growth, including
rates of inflation and industrial production; changes in the relative value of
currencies and the value of commodity contracts; trends in Hydro's key markets
and competition; and legislative, regulatory and political factors.
No assurance can be given that such expectations will prove to have
been correct. Hydro disclaims any obligation to update or revise any forward-
looking statements, whether as a result of new information, future events or
otherwise.
This information is subject of the disclosure requirements pursuant to
section 5-12 of the Norwegian Securities Trading Act.
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(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: Norsk Hydro via Thomson Reuters ONE
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Datum: 19.08.2013 - 13:01 Uhr
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