Norsk Hydro Buyback of Shares
June 09 2004 - 4:39AM
PR Newswire (US)
Norsk Hydro Buyback of Shares OSLO, Norway, June 9
/PRNewswire-FirstCall/ -- Norsk Hydro ASA has on 8 June 2004
purchased 80,000 own shares at an average price of NOK 431.72 per
share. After this transaction, Hydro holds 8,195,198 own shares.
The transaction is part of a buyback programme that was approved by
Hydro's Annual General Meeting on 11 May 2004. This buyback
programme opens for buyback of up to 2,808,810 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 5 million shares may be cancelled, equivalent to 2 per
cent 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, 2002 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 Idar Eikrem Kjetil Bakken
Telephone (+47) 22 53 32 73 +47 22 53 23 13 Cellular (+47) 95 02 83
63 +47 91 889 889 E-mail Norsk Hydro ASA Bygdoy alle 2 N-0240 Oslo
Norway Telephone: (+47) 22 53 81 00 Fax: (+47) 22 53 27 25
http://www.hydro.com/ DATASOURCE: Norsk Hydro ASA CONTACT: Idar
Eikrem, +47-22-53-32-73, cell: +47-95-02-83-63, , or Kjetil Bakken,
+47-22-53-23-13, cell: +47-91-889-889, , both for Norsk Hydro ASA
Web site: http://www.hydro.com/
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