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Norsk Hydro: EU Approves Joint Venture in Aluminium Solutions

Norsk Hydro: EU Approves Joint Venture in Aluminium Solutions 
OSLO, NORWAY -- (Marketwired) -- 05/13/13 --  The EU Commission has
approved today the transaction between Norwegian aluminium company
Norsk Hydro ASA and branded consumer goods group Orkla ASA to form
a
50/50 joint venture within aluminium solutions to be named Sapa.
Pending necessary approval from Chinese competition authorities, the
parties expect the
transaction to be completed in third quarter 2013,
at the latest. 
The transaction has already been approved by the U.S. Department of
Justice and
relevant competition authorities in several other
jurisdictions. The parties
also need approval from Chinese
competition authorities (MOFCOM), which is currently evaluating the
transaction. 
Due to limited overlap of the parties' operations in China, the
parties expect
the transaction to be approved. The timing of the
approval from MOFCOM is difficult to determine, but the parties
expect the transaction to be approved in the third quarter, at the
latest. 
Approval from the EU Commission is conditioned on the sale of Hydro's
aluminium
profile operations at Raufoss in Norway and its affiliated
fabrication plant in Vetlanda in Sweden, as well as Sapa's multi-port
extrusion (MPE) operations in
Harderwijk in the Netherlands. The
parties have started the process to divest
these businesses in line
with the Commission's decision. 
From June 1 and until closing, Arnstein Sletmoe, who has been
appointed CFO of
the new Sapa joint venture, will temporarily head up
Hydro's Extruded Products
business area. At the same time, Executive
Vice President Hans Joachim Kock,
currently head of Extruded
Products, will take over as Head of Finance in the
Bauxite & Alumina
business area and leave the Corporate Management Board (CMB),
as
previously announced. Sletmoe will report directly to CEO Svein
Richard Brandtzaeg, but will not be part of the CMB. 
Certain statements included within this announcement contain forward-looking
information, including, without limitation, those relating to
(a) forecasts,
projections and estimates, (b) statements of
management's plans, objectives and
strategies for Hydro, such as
planned expansions, investments or other projects,
(c) targeted
production volumes and costs, capacities or rates, start up
costs,
cost reductions and profit objectives, (d) various
expectations about future
developments in Hydro's markets,
particularly prices, supply and demand and competition, (e) results
of operations, (f) margins, (g) growth rates, (h) risk
management, as
well as (i) statements preceded by "expected", "scheduled",
"targeted", "planned", "proposed", "intended" or similar statements. 
Although we believe that the expectations reflected in such
forward-looking statements are reasonable, these forward-looking
statements are based on a number of assumptions and forecasts that,
by their nature, involve risk and uncertainty. Various factors could
cause our actual results to differ materially
from those projected in
a forward-looking statement or affect the extent to which a
particular projection is realized. Factors that could cause these
differences include, but are not limited to: our continued ability to
reposition
and restructure our upstream and downstream aluminium
business; changes in availability and cost of energy and raw
materials; global supply and demand for
aluminium and aluminium
products; world economic growth, including rates of inflation and
industrial production; changes in the relative value of
currencies
and the value of commodity contracts; trends in Hydro's
key markets and competition; and legislative, regulatory and
political factors. 
No assurance can be given that such expectations will prove to have
been correct. Hydro disclaims any obligation to update or revise any
forward looking
statements, whether as a result of new information,
future events or otherwise. 
This information is subject of the disclosure requirements pursuant
to section
5-12 of the Norwegian Securities Trading Act. 
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants
that: (i) the releases contained herein are protected by copyright and 
other applicable laws; and 
 (ii) they are solely responsible for
the content, accuracy and      originality of the information
contained therein. 
Source: Norsk Hydro via Thomson Reuters ONE [HUG#1701089] 
Investor contact
Contact Rikard Lindqvist
Cellular +47 41751199
E-mail Rikard.Lindqvist@hydro.com 
Investor contact
Contact Pal Kildemo
Cellular +47 97096711
E-mail Pal.Kildemo@hydro.com 
Press contact
Contact Halvor Molland
Cellular +47 92979797
E-mail Halvor.Molland@hydro.com