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Eurocommission has approved Norsk Hydro’s and Statoil’s merge
3 May 2007Today Eurocommission has approved the transaction on merge of versatile Norsk Hydro ASA, engaged in oil, electric power industry and manufacture of aluminium, and Statoil ASA. The approximate cost of transaction is expected to exceed 30 billion dollars. Such information is resulted by cost in the press release of the companies. The experts of Eurocommission have come to conclusion that the transaction corresponds to the norms of the European Economic Community.
In the middle of March, 2007, Norsk Hydro and Statoil’s Boards of directors have signed the final agreement concerning the perspective merge. According to the terms of the transaction Hydro shareholders will receive 0,8622 shares of the incorporated company in exchange for one share, and Statoil’s shareholders can exchange actions in the ratio one to one. Thus, Hydro’s shareholders will own 32,7 % of shares of the incorporated company, and Statoil’s shareholders - 67,3 %. The incorporated company, which number of employees will make 31 thousand people from which 5 thousand are the employees from Norsk Hydro, will refer to StatoilHydro.
In December 2006, Norsk Hydro and Statoil have agreed about the merge of oil-and-gas business. Thus Norsk Hydro is measured to concentrate on manufacture of aluminium. Volume of extraction of the incorporated company in 2007 will make 1,9 million barr./day, and the confirmed stocks of oil and gas - 6,3 billion barr. in oil equivalent. Hydro’s Shareholders will receive 0,8622 actions of the incorporated company in exchange for one share, and the shareholders of Statoil can exchange their shares in the ratio one to one. Thus, Hydro’s shareholders will own 32,7 % of the incorporated company’s shares, and shareholders of Statoil - 67,3 % and about 62,5 % of shares of the company will belong to the Norwegian government.
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