Norsk Hydro:Vale has sold shares in Hydro
OSLO, Norway, Nov. 12, 2013 (GLOBE NEWSWIRE) --
Brazilian mining group Vale S.A. announced on Monday an offering to sell shares
in Norsk Hydro ASA through a wholly owned subsidiary. Through a book building
process Vale sold 407,122,241 shares in Hydro.
After the completion of the transaction, assuming no exercise of the over-
allotment option, Vale has reduced its shareholding, through its wholly-owned
subisidiary, from 447,834,465 shares to 40,712,224 shares, thereby reducing its
ownership share in Hydro from 21.6% to 2.0% of the shares authorized and issued,
thus reducing its shareholding in Hydro below the 5% threshold set out in the
Norwegian Securities Trading Act, Section 4-2. If the over-allotment option is
exercised in full, Vale will not hold any shares in Hydro.
The shares sold from Vale have been purchased by several investors.
Contact Pål Kildemo
Cellular +47 97096711
Contact Halvor Molland
Cellular +47 92979797
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.
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