Clifford Chance has advised Norsk Hydro on a renewed tender offer for the purchase of 100% of the shares in Alumetal. Penteris advised Alumetal.
The transaction remains contingent on regulatory approval.
"A tender offer was first launched in April 2022, which later expired during the European Commission’s extended merger review," Norsk Hydro announced in a press statement.
"The transaction implies an enterprise value of approximately PLN 1.617 billion based on the latest reported net debt for the financial year of 2022 and dividends payable of PLN 164.5 million with the dividend payment date falling on 27 July 2023," Clifford Chance informed. "The transaction will strengthen Hydro's recycling position in Europe and widen its product offering in the low-carbon and scrap-based foundry alloy market."
Norsk Hydro is an Oslo-headquartered aluminum and energy company, providing services for a range of market segments for aluminum, energy, metal recycling, renewables, and batteries.
Alumetal is a Warsaw Stock Exchange-listed Polish company producing casting aluminum alloys in Europe, with plants in Poland and Hungary.
"The acquisition of Alumetal would be a strong strategic fit towards delivering on Hydro’s recycling strategy," Hydro Aluminium Metal Head Eivind Kallevik commented. "We see a growing demand for recycled low-carbon aluminum in Europe. Forward-leaning customers are leading the way in decarbonizing materials used in the production of automotive, building and construction, and consumer durables."
Clifford Chance and Penteris had also advised on Norsk Hydro's initial tender offer for the purchase of Alumetal (as reported by CEE Legal Matters on Mat 6, 2022).
The Clifford Chance team was led by Counsel Jaroslaw Lorenc and included Senior Associates Katarzyna Aleksandrowicz and Marta Szczecinska, Associate Krzysztof Regucki, and Junior Associate Marcin Waszynski.
The Penteris team included Partners Wojciech Fabrycki and Tomasz Kudelski, Senior Associate Jeremiasz Kusmierz, and Associate Aleksandra Rogalska.
