Norsk Hydro ASA

M&A Activity • Jun 22, 2023

Norsk Hydro: Hydro increases price in tender offer for Alumetal to PLN 82.00 per share

Norsk Hydro: Hydro increases price in tender offer for Alumetal to PLN 82.00 per share

Hydro is raising the price again in its ongoing tender offer for 100 percent of

Polish recycler Alumetal to PLN 82.00 per share. The higher price will be valid

until the end of the subscription period on June 30, 2023. Holders of more than

80 percent of Alumetal shares have already committed to Hydro's tender offer.

In accordance with tender offer regulations, the increased price of PLN 82.00

per share will be paid to all Alumetal shareholders who subscribe for the sale

of shares in the ongoing tender offer, including those who subscribed prior to

the price increase (with the exception that approximately 32.7 percent of the

shares owned by IPO30 UNIPESSOAL LDA will be acquired by Hydro under a separate

agreement at PLN 78.69 per share).

More than 80 percent of the company's shares have already been subscribed, which

means once the transaction is completed, Hydro will have a sufficient majority

to make all strategic decisions regarding Alumetal, including possible changes

to the company's articles of association. It also brings Hydro closer to its

intention to de-list Alumetal shares from the Warsaw Stock Exchange.

Subscriptions for the sale of shares in the tender offer will be accepted until

June 30, 2023.

In early May, Hydro received unconditional approval from the European Commission

for the proposed acquisition of Alumetal, so there are no outstanding regulatory

conditions to complete the transaction.

In mid-June, another important condition of the tender offer was fulfilled,

namely that existing Alumetal shareholders had subscribed for at least 50

percent of the shares.

Investor contact:

Martine Rambøl Hagen

+47 91708918

Martine.Rambol.Hagen@hydro.com

Media contact:

Halvor Molland

+47 92979797

Halvor.Molland@hydro.com

This announcement is for informational purposes only and cannot be treated as an

offer or proposal to purchase shares, nor as a recommendation regarding

investment decisions in relation to the tender offer for the sale of shares in

Alumetal S.A., announced on May 25, 2023 by Hydro Aluminium AS (the "Tender

Offer") through Bank Pekao - Biuro Maklerskie Pekao and Pekao Investment Banking

S.A. as intermediary brokers. The Tender Offer document (as amended thereafter)

is the only legally binding source of information on the terms of the Tender

Offer and is the only legally binding document relating to the Tender Offer

process. At the same time, the Tender Offer should not be considered as a

recommendation or forecast from Hydro Aluminium AS, any Hydro group entity or

Bank Pekao S.A., Pekao Investment Banking S.A. and entities from Bank Pekao

S.A.'s capital group.