The details of the Global Offering are:
- Approximately 31.9 million shares ("the Firm Shares") of Yara to be offered for sale by Hydro, representing 10% of Yara's outstanding shares. If the managers of the Global Offering sell more than the number of Firm Shares, they have been granted an over-allotment option to purchase up to an additional 31.9 million shares (the "Additional Shares"). If the over-allotment option is fully exercised, Hydro will sell its entire shareholding of approximately 63.9 million shares in Yara, representing 20% of Yara's share capital.
- The Firm Shares (and any Additional Shares purchased by the managers) are expected to be priced at between NOK 36 and NOK 41 per share.
- Together, the Firm Shares and Additional Shares are valued at between NOK 2.3 billion and NOK 2.6 billion at the indicative price range.
- Yara's ordinary equity is valued at NOK 11.5 billion to NOK 13.1 billion at the indicative price range.
- An institutional roadshow will take place over the next two weeks. Bookbuilding will commence on 11th March and will close on 24th March at 16:00 CET.
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A retail offering in Norway will be run simultaneously to the global institutional offering. The retail book will close at 12:00 CET on 24th March.
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It is expected that the listing of Yara will take place simultaneously with the announced demerger, and dealings in Yara's shares will commence on the Oslo Stock Exchange at 10:00 CET on Thursday, 25th March 2004.
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ABG Sundal Collier and UBS Investment Bank have been appointed to act as joint global co-ordinators and joint bookrunners of the Global Offering. BMO Nesbitt Burns and Enskilda Securities have been appointed to act as co-lead managers in the Global Offering.
Full details of the Global Offering are included in the Preliminary Offering Memorandum, which will be published today.
Yara is a global leader in the production, distribution and sale of nitrogen-based mineral fertilizers and related industrial products. Yara also distributes and sells a wide range of phosphate- and potash-based mineral fertilizers, as well as complex and specialty mineral fertilizer products. In 2003, Yara had operating revenues of approximately NOK 38.3 billion, of which approximately NOK 33.5 billion came from the sale of mineral fertilizers and merchant ammonia.
Enquiries:
| Hydro Investor Relations | Peik Norenberg, telephone +47 22 53 34 40 |
| Kjetil Bakken, telephone +47 22 53 23 13 | |
| Yara Investor Relations | Egil Hogna, telephone +47 22 53 23 05 |
| ABG Sundal Collier | telephone +47 22 01 60 00 |
| UBS Investment Bank | telephone +44 20 7568 8000 |
This announcement does not constitute, or form part of, an offer or invitation to sell or issue, or any solicitation of an offer to purchase or subscribe for securities, and any subscription for or purchase of, or application for, shares in Yara to be issued or sold in connection with the Global Offering should only be made on the basis of information contained in the Offering Memorandum to be issued in due course in connection with the Global Offering and any supplements thereto. The Offering Memorandum will contain certain detailed information about Yara and its management, as well as financial statements and other financial data.
This announcement does not contain or constitute an offer of securities for sale in the United States. The securities referred to herein have not been and will not be registered under the US Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an available exemption from registration thereunder. No public offering of securities is being made in the United States.
This announcement and the information contained herein is not for publication, distribution or release in, or into, the United States, Canada, Australia or Japan.
| Contact Telephone Cellular |
Kjetil Bakken +47 22 53 23 13 +47 91 88 98 89 kjetil.bakken@hydro.com |
Peik Norenberg +47 22 53 34 40 +47 91 76 15 56 Peik.Norenberg@hydro.com |