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Norway's Norsk Hydro Pulls $345 Million Acquisition of Rio Tinto Assets

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09/14/2018 | 02:48pm CET

By Dominic Chopping

Norwegian aluminum producer Norsk Hydro ASA (NHY.OS) said Friday it has pulled its planned $345 million acquisition of Rio Tinto PLC Icelandic aluminum plant ISAL, including its interests in Dutch anode facility Aluchemie and Swedish aluminum-fluoride plant Alufluor.

The deal--penned earlier this year--has been waiting for European Commission competition approval but it has taken longer than anticipated to obtain and remains outstanding, Norsk Hydro said.

"After considering alternative timelines, outcomes and developments, Hydro requested to terminate the transaction and the parties have signed a termination agreement," the company said. "Hydro has withdrawn its EC competition filing."

Hydro will continue to own 46.7% in Aluchemie, it added.

Write to Dominic Chopping at dominic.chopping@wsj.com; Twitter: @domchopping @WSJNordics

Stocks mentioned in the article
ChangeLast1st jan.
LME ALUMINIUM CASH -0.73% 1917 End-of-day quote.-15.03%
LME COPPER CASH 1.34% 6188 End-of-day quote.-13.83%
LME ZINC CASH 4.45% 2655 End-of-day quote.-21.38%
NORSK HYDRO 1.50% 42.75 Delayed Quote.-31.44%
RIO TINTO 2.88% 3910 Delayed Quote.-0.81%
RIO TINTO LIMITED 1.89% 79.31 End-of-day quote.4.62%
SILVER 0.90% 14.4 Delayed Quote.-15.64%
WTI 0.80% 56.92 Delayed Quote.-7.01%
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