Norway's Norsk Hydro Pulls $345 Million Acquisition of Rio Tinto Assets

Date : 09/14/2018 @ 9:02AM
Source : Dow Jones News
Stock : Rio Tinto (RIO)
Quote : 3800.5  90.5 (2.44%) @ 11:35AM

Norway's Norsk Hydro Pulls $345 Million Acquisition of Rio Tinto Assets

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   By Dominic Chopping 
 

Norwegian aluminum producer Norsk Hydro ASA (NHY.OS) said Friday it has pulled its planned $345 million acquisition of Rio Tinto PLC's (RIO) Icelandic aluminum plant ISAL, including its interests in Dutch anode facility Aluchemie and Swedish aluminum-fluoride plant Alufluor.

The deal--penned earlier this year--has been waiting for European Commission competition approval but it has taken longer than anticipated to obtain and remains outstanding, Norsk Hydro said.

"After considering alternative timelines, outcomes and developments, Hydro requested to terminate the transaction and the parties have signed a termination agreement," the company said. "Hydro has withdrawn its EC competition filing."

Hydro will continue to own 46.7% in Aluchemie, it added.

 

Write to Dominic Chopping at dominic.chopping@wsj.com; Twitter: @domchopping @WSJNordics

 

(END) Dow Jones Newswires

September 14, 2018 08:47 ET (12:47 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.


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