Norsk Hydro: Initiation of share buyback program
The Board of Directors of Norsk Hydro ASA has resolved to initiate a share buyback program to service its shareholders by way of reducing its share capital. The share buyback program will be executed in accordance with the authorization granted to the Board of Directors by the Annual General Meeting of Norsk Hydro held on May 10, 2023.
The share buyback program covers purchase of up to 100,000,000 shares with a maximum value of NOK 2,000 million, inclusive of the proportional redemption of shares owned by the Norwegian State. NOK 2,000 million is equivalent to approximately 1.6% of the market value of the share capital in Norsk Hydro at the current share price level. The buyback program will commence September 27, 2023 and is planned finalized within February 29, 2024, with the authorization being valid until June 30, 2024. The shares repurchased under the buyback program will be redeemed (cancelled) by way of a share capital decrease in Norsk Hydro, subject to approval by Norsk Hydro's General Meeting.
The minimum and maximum amounts that can be paid per share shall be NOK 20 and NOK 150, respectively.
Norsk Hydro has entered an agreement with the Norwegian State according to which the Norwegian State's shares will be redeemed on a pro-rata basis to ensure that the Norwegian State's ownership is unchanged when shares are cancelled.
Norsk Hydro has engaged Goldman Sachs International to manage and carry out the share repurchases in the market. Goldman Sachs International will make its trading decisions independently of, and uninfluenced by, Norsk Hydro.
The share buyback program is carried out in accordance with the Market Abuse Regulation (EU) No 596/2014 ("MAR") and Commission Delegated Regulation (EU) No 2016/1052 ("Safe Harbour Regulation").
This information is made public by Norsk Hydro pursuant to the EU Market Abuse Regulation and subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.
Investor contact:
Martine Rambøl Hagen
Head of Investor Relations
+47 91708918
