Hydro nears acquisition of Alumetal; captures a whopping 68% of share sales subscriptions

According to a report on Thursday, June 15, Hydro is close to fulfilling the primary condition of the tender offer for 100 per cent of the shares in Alumetal. So far, Hydro has reportedly received sales subscriptions of about 68 per cent of shares. The existing shareholders have subscribed for selling at least 50 per cent of stocks in Alumetal.

Within less than a week, Hydro acquired another 29 per cent of Alumetal’s shares since June 9, when the company bagged 39 per cent of shares, including the stocks held by two members of Alumetal’s Supervisory Board and all members of Alumetal's Management Board.

In May, Executive Vice President Eivind Kallevik, Head of Hydro Aluminium Metal, said: "Hydro is making a transparent offer to all shareholders of Alumetal for 100 per cent of the shares in accordance with Polish regulations.”

To boost the submission of subscriptions, Hydro offered PLN 82.00 per each Alumetal share for an interim period till June 15, 2023. But the condition was 32.7 per cent of the shares owned by IPO30 UNIPESSOAL LDA would be acquired by Hydro at PLN 78.69 per share, the original offered price.

June 30, 2023, is the last date for subscription submission, and July 5 is the expected date of the conclusion of share purchase transactions.