Hydro initiates renewed tender offer process for Alumetal
Norsk Hydro ASA has relaunched a tender offer process for the acquisition of 100 percent of the shares of the Polish recycler Alumetal S.A. A tender offer was first launched in April 2022, which later expired during the European Commission’s extended merger review.
The European Commission’s merger review of the transaction is still pending with a provisional decision deadline of May 23, 2023.
The acquisition will provide an annual EBITDA uplift of EUR 63 million based on Alumetal’s 2022 financials, supporting Hydro’s ambition to increase recycling EBITDA towards 2025 by NOK 500 million, and an additional NOK 500 million by 2027.
The tender offer process is for 100 percent of the shares of Alumetal S.A., a company listed on the Warsaw Stock Exchange for 78.69 PLN per share in cash (the “offer price”), representing an aggregate equity purchase price of approximately PLN 1 230 million (approximately EUR 267 million).
The transaction implies an enterprise value of approximately PLN 1 617 million (approximately EUR 351 million) based on the latest reported net debt as of FY2022 and outstanding dividends payable of PLN 164,5 million (approximately EUR 36 million) with a dividend payment date on July 27, 2023.
Information Source: Read More “
Energy Monitors , Electric Power , Natural Gas , Oil , Climate , Renewable , Wind , Transition , LPG , Solar , Electric , Biomass , Sustainability , Oil Price , Electric Vehicles,
