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. 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. As of February 1, 2023, the exclusivity period for the acquisition of Alumetal extended indefinitely. The acquisition will provide an annual EBITDA uplift of PLN 220 million based on Alumetal's 2021 financials.

Jaroslaw Lorenc of Clifford Chance acted as legal advisor to Norsk Hydro ASA.