Norsk Hydro Share Buyback
June 02 2005 - 5:49AM
PR Newswire (US)
Norsk Hydro Share Buyback OSLO, Norway, June 2
/PRNewswire-FirstCall/ -- Norsk Hydro ASA (NYSE:NHY) has on 1 June
2005 purchased 38,000 own shares at a price of NOK 529.05 per
share. After this transaction, Hydro holds 7,919,564 own shares.
The transaction is part of a buyback programme that was approved by
Hydro's General Meeting on 1 December 2004. This buyback programme
opens for buyback of up to 5,617,621 shares in the market, and is
valid for 18 months. The shares will subsequently be sought
cancelled. Hydro's largest shareholder, the Norwegian State, has
committed to participate by cancelling a proportional part of its
shares, leaving the State's 43.82 per cent ownership unchanged. The
compensation to the State will be equal to the price achieved in
the market, plus an interest of NIBOR + 1 per cent, calculated from
the dates of acquisition of the corresponding shares. In total, up
to 10 million shares may be cancelled, equivalent to 4 percent of
the outstanding shares. The decision on cancellation must be made
with a majority vote of 2/3 of the shares represented at the
General Meeting. Any further buyback transactions under this
programme will be disclosed at Oslo Stock Exchange, and on
http://www.hydro.com/. Certain statements in this press release are
or may constitute "forward-looking" statements within the meaning
of the Private Securities Litigation Reform Act of 1995. Statements
that are not in the nature of historical facts may be deemed to be
forward-looking statements and may contain identifying words such
as "believes", "anticipates", "plans", "expects" and similar
expressions. These forward looking statements are based on Hydro's
current expectations, assumptions, estimates and projections about
the company and the industries in which it engages in business. All
forward-looking statements involve risks and uncertainties. For a
detailed description of factors that could cause Hydro's actual
results to differ materially from those expressed in or implied by
such statements, please refer to its annual report on Form 20-F for
the year-ended December 31, 2004 and subsequent filings on Form 6-K
with the U.S. Securities and Exchange Commission. With respect to
each non-GAAP financial measure Hydro uses in connection with its
financial reporting and other public communications, Hydro provides
a presentation of what Hydro believes to be the most directly
comparable GAAP financial measure and a reconciliation between the
non-GAAP and GAAP measures. This information can be found in
Hydro's earnings press releases, quarterly reports and other
written communications, all of which have been posted to Hydro's
website (http://www.hydro.com/). Contact Gudmund Isfeldt Idar
Eikrem Telephone +4722532455 +47 22533273 Cellular +4748001180 +47
95028363 E-mail DATASOURCE: Norsk Hydro CONTACT: Gudmund Isfeld, ,
+47-2253-2455 or +47-4800-1180 cell or Idar Eikrem, , +47-2253-3273
or +47-9502-8363 cell, both for Norsk Hydro ASA Web site:
http://www.hydro.com/
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