Norsk Hydro ASA - M&A Activity 2022

Norsk Hydro: Phase II review of proposed acquisition of Alumetal

On October 6, 2022, the European Commission decided to open a Phase II review of

Hydro's proposed acquisition of the Polish recycler Alumetal S.A.

A Phase II review is a customary part of the Commission's merger review process

in cases where initial concerns about a transaction's effects cannot be excluded

during the preliminary assessment stage.

Hydro announced a tender offer for 100 percent of the shares of the Polish

recycler Alumetal S.A. on April 29, 2022. In July 2022, Hydro extended the

subscription period to October 10, 2022. Following the Commission's decision to

open a Phase II review, the legal condition of the public tender offer will not

be fulfilled before the end of subscription period, and the tender offer will

therefore expire.

Hydro remains committed to the transaction and will continue to work closely

with the Commission over the coming months on the Phase II review.

Investor contact:

Line Haugetraa

+47 41406376

Media contact:

Halvor Molland

+47 92979797

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