In line with recent announcements, Hydro has relaunched a tender offer for the acquisition of 100 percent of shares in Alumetal S.A., a Polish producer of aluminium casting alloys.

Hydro is offering PLN 78.69 per each share in Alumetal in cash (the "offer price"), which represents a premium of 15 percent over the price offered in the first tender offer announced by Hydro in April 2022.

In addition, Alumetal's existing shareholders will receive the full dividend from the record high net profit for 2022, i.e. a total of PLN 13.82 per share, of which PLN 3.30 per share has already been paid as an interim dividend on December 29, 2022 and PLN 10.52 per share will be paid on July 27, 2023 i.e. after the planned completion of Hydro's acquisition of Alumetal. Taking this into account, the total economic benefit to Alumetal's existing shareholders resulting from the new tender offer price and the total dividend for 2022 is more than 35 percent higher than the price proposed in the first tender offer announced by Hydro in April 2022.

"Hydro is making a transparent offer to all shareholders of Alumetal for 100 percent of the shares in accordance with Polish regulations. All shareholders, including retail and institutional investors, will be offered the same terms and conditions. It's also worth noting that Hydro received unconditional approval from the European Commission for the proposed acquisition of Alumetal in early May, so there are no outstanding regulatory conditions to complete the transaction," says Executive Vice President Eivind Kallevik, Head of Hydro Aluminium Metal.

Subscriptions for the sale of shares in the tender offer will be accepted from May 26 until June 30, 2023.

The tender offer will be effective once all the conditions stipulated thereunder are met, in particular if the existing shareholders submit subscriptions for the sale of at least 50 percent of the shares, i.e. 7,817,143 shares.

Hydro has already entered into the agreement with two members of Alumetal’s Supervisory Board and all members of Alumetal’s Management Board, holding in total approximately 39 percent of the company’s shares, who have unconditionally and irrevocably undertaken to submit subscriptions in the tender offer for all their shares at the offer price.

Tender offer timetable

This announcement is for informational purposes only and cannot be treated as an offer or proposal to purchase shares, nor as a recommendation regarding investment decisions in relation to the tender offer for the sale of shares in Alumetal S.A., announced on May 25, 2023 by Hydro Aluminium AS (the “Tender Offer”) through Bank Pekao – Biuro Maklerskie Pekao and Pekao Investment Banking S.A. as intermediary brokers. The Tender Offer document (as amended thereafter) is the only legally binding source of information on the terms of the Tender Offer and is the only legally binding document relating to the Tender Offer process. At the same time, the Tender Offer should not be considered as a recommendation or forecast from Hydro Aluminium AS, any Hydro group entity or Bank Pekao S.A., Pekao Investment Banking S.A. and entities from Bank Pekao S.A.'s capital group.