off-the-wire

UPDATE 1-Norsk Hydro raises offer for Poland's Alumetal to $296 mln

Kitco Media
By Reuters
Published:
Updated:
Reuters
(Adds transaction details, background) April 27 (Reuters) - Norwegian metals maker Norsk Hydro on Thursday raised its offer for Alumetal , nearly a year after it made its bid to buyout the Polish recycler in an attempt to strengthen its recycling profile in Europe. The new offer now stands at 1.230 billion zloty ($296.30 million) in cash for all the shares of Alumetal, up from an earlier 1.07 billion zloty. Norsk has now offered 78.69 zloty for each share, which represents a discount of 0.77% over Wednesday's closing price.


The potential deal would imply an enterprise value of about 1.61 billion zloty, Norsk Hyrdro said in a statement. The Oslo-based company said that the European Commission's merger review of the transaction is still pending with a provisional decision deadline of May 23.


In October last year, the Commission kicked off its investigation into the proposed Norsk Hydro deal, warning that the takeover could eliminate a growing rival able to bring cheaper and advanced recycled aluminium products to the market, which was later paused.
($1 = 4.1512 zlotys) (Reporting by Rishabh Jaiswal in Bengaluru; Editing by Shailesh Kuber)

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