Hydro first announced a tender offer to acquire Alumetal in April 2022, which later expired during a phase II merger review by the European Commission.

Hydro last week announced a renewed tender offer process to acquire 100 percent of the shares in Alumetal. The subscription period for the tender offer is expected to run in June 2023. Hydro aims to close the acquisition in early July 2023, subject to further conditions being fulfilled.

"The approval from the European Commission is a key milestone toward completing our proposed acquisition of Alumetal. Today we move one important step closer to bring Alumetal into the Hydro family and develop an even broader range of low-carbon products for our customers,” says Eivind Kallevik, Executive Vice President of Hydro Aluminium Metal.