Norsk Hydro ASA (OB:NHY) made an offer to acquire Alumetal S.A. (WSE : AML) from two supervisory board members, all management board members of the Alumetal and other shareholders for PLN 1.1 billion on April 29, 2022. Norsk Hydro will pay PLN 68.4 cash per share. As of April 27, 2023, the offer price has been increaed to PLN 78.69 cash per share. Completion of the tender offer is subject to customary terms and conditions, including obtaining competition clearance and gaining control of a minimum of 66% of total shares outstanding. Two members of the Alumetal Supervisory Board and all members of the Alumetal Management Board, total holding approximately 39% of stock have undertaken to submit acceptance in the tender offer for all their shares. The tender offer period is expected to commence on June 13, 2022 and expire on July 12, 2022 which could be further extended. As of July 12, 2022, the transaction subscription period has been extended to October 10, 2022, in order to provide additional information requested by the European Commission. On October 6, 2022, the European Commission decided to open a Phase II review of Hydro’s proposed acquisition. The acquisition will provide an annual EBITDA uplift of PLN 220 million based on Alumetal’s 2021 financials. The European Commission’s merger review of the transaction is still pending with a provisional decision deadline of May 23, 2023. As of May 4, 2023, The European Commission clears Hydro acquisition of Alumetal. As of February 1, 2023, the exclusivity period for the acquisition of Alumetal extended indefinitely. Hydro aims to close the acquisition in early July 2023, subject to conditions being fulfilled. Jaroslaw Lorenc of Clifford Chance acted as legal advisor to Norsk Hydro ASA. As of June 8, 2023. Hydro is temporarily raising the price in its ongoing tender offer for 100 percent of Alumetal shares to PLN 82.00 per share. The higher price will be valid until June 15, 2023. As of June 22, 2023, The higher price will be valid until the end of the subscription period on June 30, 2023. As of June 15, 2023. Approximately 68 percent of the shares have already been subscribed. The main condition of the ongoing tender offer for 100 percent of the shares in Alumetal has been fulfilled, as the existing shareholders have subscribed for the sale of at least 50 percent of the shares. The Expected date of conclusion of share purchase transactions is July 5, 2023. As of July 3, 2023. The share purchases are expected to be concluded on July 5, 2023. and settled on July 7, 2023. More than 97 percent of the shares have now subscribed for sale in the tender offer for Alumetal. The subscription period was concluded on June 30, 2023.

Norsk Hydro ASA (OB:NHY) completed the acquisition of Alumetal S.A. (WSE : AML) from two supervisory board members, all management board members of the Alumetal and other shareholders on June 30, 2023. Norsk Hydro ASA will launch the squeeze-out for the remaining shares.