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BRIEF-Norsk Hydro cancels plans to buy Rio Tinto's aluminium plant in Iceland

Published 14/09/2018, 10:16 pm
© Reuters.  BRIEF-Norsk Hydro cancels plans to buy Rio Tinto's aluminium plant in Iceland
NHY
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Sept 14 (Reuters) - Norsk Hydro Asa NHY.OL :

* REG-NORSK HYDRO: HYDRO AND RIO TINTO END ACQUISITION PROCESS FOR ICELANDIC ALUMINIUM PLANT ISAL

* HYDRO AND RIO TINTO HAVE SIGNED AN AGREEMENT TO END ACQUISITION PROCESS FOR RIO TINTO'S ICELANDIC ALUMINIUM PLANT ISAL, INCLUDING ITS INTERESTS IN DUTCH ANODE FACILITY ALUCHEMIE AND SWEDISH ALUMINIUM FLUORIDE PLANT ALUFLUOR

* TRANSACTION WAS INITIALLY EXPECTED TO BE FINALIZED IN Q2 OF 2018

* EUROPEAN COMMISSION (EC) COMPETITION APPROVAL PROCESS HAS TAKEN LONGER THAN ANTICIPATED AND REMAINS OUTSTANDING

* AFTER CONSIDERING ALTERNATIVE TIMELINES, OUTCOMES AND DEVELOPMENTS, HYDRO REQUESTED TO TERMINATE TRANSACTION AND PARTIES HAVE SIGNED A TERMINATION AGREEMENT

* HYDRO HAS WITHDRAWN ITS EC COMPETITION FILING

* HYDRO WILL CONTINUE TO OWN 46.7 PERCENT IN ALUCHEMIE

* HYDRO AND RIO TINTO END ACQUISITION PROCESS FOR ICELANDIC ALUMINIUM PLANT ISAL

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