The transaction is part of a buyback programme that was approved by Hydro's Annual General Meeting on 7 May 2003. This buyback programme opens for buyback of up to 2,808,810 shares in the market, and is valid for 18 months. The shares will subsequently be sought cancelled.
Hydro's largest shareholder, the Norwegian State, has committed to participate by cancelling a proportional part of its shares, leaving the State's 43.82 per cent ownership unchanged. The compensation to the State will be equal to the price achieved in the market, plus an interest of NIBOR + 1 per cent, calculated from the dates of acquisition of the corresponding shares.
In total, up to 5 million shares may be cancelled, equivalent to 1.9 per cent of the outstanding shares. The decision on cancellation must be made with a majority vote of 2/3 of the shares represented at the General Meeting.
Any further buyback transactions under this programme will be disclosed at Oslo Stock Exchange, and on www.hydro.com.
| Contact Telephone Cellular |
Tor Steinum (+47) 22 53 27 31 (+47) 95 08 39 33 Tor.Steinum@hydro.com |
Norsk Hydro ASA
Bygdøy allé 2
N-0240 Oslo
Norway
Telephone: (+47) 22 53 81 00
Fax: (+47) 22 53 27 25
www.hydro.com
Bygdøy allé 2
N-0240 Oslo
Norway
Telephone: (+47) 22 53 81 00
Fax: (+47) 22 53 27 25
www.hydro.com