Norsk Hydro has taken over Orkla’s 50% stake in the aluminium company Sapa, in line with an agreement entered into in July.
Orkla reported in a press release that Hydro paid NOK 11.86 billion. Sapa is valued at NOK 27 billion, and the final purchase price will be determined on the basis of Sapa’s accounts as of the 30th September 2017.
Sapa is a Norwegian aluminium company with over 100 facilities in 40 countries. Since the establishment of Sapa JV in 2013, the company has more than tripled its output, and become a world-leading company in the field of machined tooled aluminium. Since September 2013, Orkla and Hydro each owned half of the company.
Orkla stated that it has earned 20 billion kroner on its original involvement in Sapa. The Board of Directors of Orkla convened an extraordinary general meeting to approve a dividend of five kroner per share.
© NTB Scanpix / Norway Today
