We have a pleasure to inform you that the international law firm Clifford Chance is advising Norsk Hydro, a leading aluminium and energy company, on a tender offer for the purchase of all the shares in Alumetal, one of the largest producers of casting aluminium alloys in Europe.
The transaction implies an enterprise value of approximately PLN 1.617 billion (approximately EUR 351 million) based on the latest reported net debt for FY2022 and dividends payable of PLN 164.5 million (approximately EUR 36 million) with the dividend payment date falling on 27 July 2023. The transaction will strengthen Hydro’s recycling position in Europe and widen its product offering in the low-carbon and scrap-based foundry alloy market.
Completion of the tender offer is subject to customary terms and conditions, including obtaining competition clearance and gaining control of a minimum of 50% of the total shares outstanding.
The Clifford Chance transaction team advising on the deal is led by Jarosław Lorenc (Counsel, Capital Markets Group), and is composed of Katarzyna Aleksandrowicz (Senior Associate, Capital Markets Group), Krzysztof Regucki (Associate, Corporate Department) and Marcin Waszyński (Junior Associate, Corporate Department) assisted by Marta Szczecińska (Senior Associate, Antitrust Group).
