Norsk Hydro Completes Capital Reduction
Norsk Hydro completed a capital reduction on Tuesday by cancellation of 38,498,506 shares at a value of NOK 3.66 per share which included 16,871,506 shares redeemed by the Norwegian State, represented by the Ministry of Trade and Industry. The reduction was in accordance with a resolution passed by the Extraordinary General Meeting on July 5, 2007 as it related to a share buyback authorization granted by the Annual General Meeting on May 8, 2006.
Hydro repurchased and redeemed 38,498,506 shares for a total consideration of approximately NOK 6.2 billion. From May - December 2006 21,627,000 shares were bought back at an average price of NOK 160.79 per share. An agreement with the Norwegian State, Hydro`s largest shareholder, said that the State would participate with a proportional part of its shares, in order to leave its ownership interest unchanged. Approximately 16,871,506 shares have been redeemed at NOK 163.78 per share. The price paid included interest compensation for delayed settlement compared to the purchased market cost and a reduction for the dividend on the shares.
After the capital reduction, the total number of shares has been reduced to 1,247,956,949 at value of NOK 3.66. Hydro holds 38,652,570 shares, and shares outstanding are 1,209,304,379. The treasury shares are not eligible for receiving shares in StatoilHydro with the merger of Hydro's oil and gas activities with Statoil, which should be completed by this October. The Certificate of Registration has been forwarded to the Oslo Stock Exchange.
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