Hydro: walks away from Icelandic aluminium plant deal
(CercleFinance.com) - Hydro has abandoned its attempt to buy an Icelandic aluminium plant owned by Rio Tinto on Friday, as European regulators took longer than expected to approve it.
In February 2018, Hydro made a binding offer to acquire Rio Tinto Iceland's ISAL plant, as well as its 53% share in Dutch anode facility Aluchemie, and 50% of the shares in Swedish aluminium fluoride plant Alufluor for 345 million dollars.
A sale and purchase agreement had even been signed in June.
However, the European Commission (EC) competition approval process took longer than anticipated and is still pending, Hydro said on Friday.
As a result, the Norwegian aluminium producer has decided to request that the transaction be terminated, with the parties having signed a termination agreement, with the EC competition filing being eventually withdrawn.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
In February 2018, Hydro made a binding offer to acquire Rio Tinto Iceland's ISAL plant, as well as its 53% share in Dutch anode facility Aluchemie, and 50% of the shares in Swedish aluminium fluoride plant Alufluor for 345 million dollars.
A sale and purchase agreement had even been signed in June.
However, the European Commission (EC) competition approval process took longer than anticipated and is still pending, Hydro said on Friday.
As a result, the Norwegian aluminium producer has decided to request that the transaction be terminated, with the parties having signed a termination agreement, with the EC competition filing being eventually withdrawn.
Copyright (c) 2018 CercleFinance.com. All rights reserved.