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Yara Listed Today - Hydro to Concentrate on Energy and Aluminium
OSLO, Norway, March 25 /PRNewswire-FirstCall/ -- Yara International ASA,
Hydro's demerged fertilizer business, will be listed on the Oslo Stock Exchange
today (ticker: YAR). Following the Yara listing, Hydro will concentrate fully on
further developing its energy and aluminium businesses.
"Hydro and Yara share nearly 100 years of history. Today, Yara - formerly Hydro
Agri - becomes a separate company, under the leadership of Thorleif Enger and
his team," Hydro's President and CEO, Eivind Reiten stated. "Today also marks
the beginning of a new era for Hydro; we will strengthen our position by
concentrating financial and management resources on further developing the two
main business areas, Oil & Energy and Aluminium."
As a result of the demerger, 80 percent of the Yara shares have been issued to
Hydro's shareholders. Each Hydro shareholder received one Yara share for each
share held in Hydro at the close of trading March 24, 2004. Beginning today, the
Hydro share (ticker code NHY) will be traded excluding the right to receive Yara
shares. Hydro's American Depository Receipts (ADR) will be traded on the New
York Stock Exchange including the right to receive Yara shares throughMarch 31,
2004 and excluding Yara shares from and after April 1, 2004.
Hydro retained 20 percent of the Yara shares in the demerger. Today Hydro has
sold 31.9 million shares in Yara (10 percent) for NOK 41 per share. The total
proceeds amounted to NOK1.3 billion, which resulted in a pre-tax gain of
approximately NOK 260 million. The gain will be included in income from
discontinued operations.
After this sale, Hydro owns 31.9 million Yara shares, representing 10 percent of
Yara. Hydro has granted to the managers an over-allotment option exercisable for
a 30-day period ending on April 24, 2004, under which the managers may purchase
some or all of these shares.
Yara will today repay its financial indebtedness to Hydro by drawing on Yara's
newly established bank loan facilities.
This announcement does not constitute, or form part of, an offer or invitation
to sell or issue, or any solicitation of an offer to purchase or subscribe for
securities and any subscription for or purchase of, or application for, shares
in Yara to be issued or sold in connection with the offering should only be made
on the basis of information contained in the prospectus issued in connection
with the offering and any supplements thereto. The prospectus contains certain
detailed information about Yara and its management, as well as financial
statements and other financial data.
This announcement does not contain or constitute an offer of securities for sale
in the United States. The securities referred to herein have not been and will
not be registered under the U.S. Securities Act of 1933, as amended, and may not
be offered or sold in the United States absent registration or an exemption from
registration thereunder. No public offering of the securities referredto
herein is being made in the United States.
This document is only being distributed to and is only directed at (i) persons
who are outside the United Kingdom or (ii) to investment professionals falling
within Article 19(5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2001 (the "Order") or (iii) high net worth entities, and other
persons to whom it may lawfully be communicated, falling within Article 49(2) of
the Order (all such persons together being referred to as "relevant persons").
The shares are only available to, and any invitation, offer or agreement to
subscribe, purchase or otherwise acquire such shares will be engaged in only
with, relevant persons. Any person who is not a relevant person should not act
or rely on this document or any of its contents.
This announcement and the information contained herein is not for publication,
distribution or release in, or into Canada, Australia or Japan.
Stabilisation/FSA.
Certain statements in this press release are or may constitute "forward-
looking" statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Statements that are not in the nature of historical facts
may be deemed to be forward-looking statements and may contain identifying words
such as "believes", "anticipates", "plans", "expects" and similar expressions.
These forward looking statements are based on Hydro's current expectations,
assumptions, estimates and projections about the company and the industries in
whichit engages in business. All forward-looking statements involve risks and
uncertainties. For a detailed description of factors that could cause Hydro's
actual results to differ materially from those expressed in or implied by such
statements, please refer to its annual report on Form 20-F for the year-ended
December 31, 2002 and subsequent filings on Form 6-K with the U.S. Securities
and Exchange Commission. With respect to each non- GAAP financial measure Hydro
uses in connection with its financial reporting and other public communications,
Hydro provides a presentation of what Hydro believes to be the most directly
comparable GAAP financial measure and a reconciliation between the non-GAAP and
GAAP measures. This information can be found in Hydro's earnings press
releases, quarterly reports and other written communications, all of which have
been posted to Hydro's website (http://www.hydro.com/).
Hydro is a Fortune 500 energy and aluminium supplier operating in more than 40
countries. We are aleading offshore producer of oil and gas and the world's
third-largest aluminium supplier. Our 36,000 employees create value by
strengthening the viability of the customers and communities we serve.
Contact Peik Norenberg Kjetil Bakken
Telephone (+47) 22 53 34 40 +47 22 53 23 13
Cellular (+47) 91 76 15 56 +47 91 889 889
E-mail
DATASOURCE: Norsk Hydro
CONTACT: Peik Norenberg, +47-22-53-34-40, or cell, +47-91-76-15-56, or
, or Kjetil Bakken, +47-22-53-23-13, or cell,
+47-91-889-889, or , both of Norsk Hydro
Web site: http://www.hydro.com/