Hydro Agri sells its shares in Hungarian fertilizer company

(Sep. 2, 2002) Hydro Agri has agreed to sell its 40.62 percent shareholding in Nitrogénmûvek Rt. to Bige Holding Invest Kft., a privately owned Hungarian company, following a competitive tender process.

The sale is executed jointly with the co-owner, MOL Hungarian Oil and Gas Company, which is selling the remaining 59.38 percent of shares to the same buyer. The sale price for Hydro Agri's stake was USD 8.25 million.

The completion of the transaction is subject to the approval of the Hungarian Competition Office, and the proceeds of the transaction will be received after approval has been given.

The plans for divestment of the shares in Nitrogénmûvek Rt. was originally part of Hydro Agri's Turnaround project, which was successfully finalized at the end of 2001. As the global leader in nitrogen fertilizers, Hydro Agri is now balancing divestments with further development of its business based on core strengths and capabilities.