Hydro-Vale aluminium transaction expected to close in first half 2011
(Thomson Reuters ONE) -
Norsk Hydro ASA expects to close the planned acquisition of Vale SA's aluminium
assets in the first half 2011, representing a delay from the original plan to
close the transaction in the fourth quarter 2010.
The reason for the delay relates to mining rights and regulatory approval
processes in Brazil, which are taking longer than anticipated. The transaction
involves the transfer of a large number of mining rights from Vale to the newly
established Paragominas joint-venture company, in which Hydro will own 60
percent. Most of the transfers have been approved.
"We will not be able to close the transaction this year, as anticipated. We
expect to get the necessary remaining approvals in time to finalize the
transaction in the first half 2011," said Hydro CEO Svein Richard Brandtzæg. "We
are working closely with Vale to complete the transaction as soon as possible,
and hope to finalize the outstanding issues earlier and close in the first
quarter, if possible," Brandtzæg said.
"Vale and Hydro are working closely together to finalize the transaction as soon
as possible, and we are confident that we will resolve all outstanding issues,"
said Tito Martins, Executive Officer and Head of Basic Material Operations in
Vale.
The delay is not expected to have significant impact on the value of the
transaction for Hydro.
Press contact
Contact Inger Sethov
Cellular +47 95022359
E-mail Inger.Sethov(at)hydro.com
Investor contact
Contact Stefan Solberg
Cellular +47 91727528
E-mail Stefan.Solberg(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
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materially from those projected in a forward-looking statement or affect the
extent to 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.
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correct. Hydro disclaims any obligation to update or revise any forward-looking
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Source: Norsk Hydro via Thomson Reuters ONE
[HUG#1471970]
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Datum: 14.12.2010 - 08:03 Uhr
Sprache: Deutsch
News-ID 49664
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contact information:
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