The shares were purchased in accordance with a resolution by the Annual General Meeting on May 6, 2008, authorizing buyback of shares in the market at a value of up to NOK 2.25 billion through May 5, 2009. Shares acquired in accordance with the authorization shall be used for no other purpose than cancellation by means of capital reduction.
Hydro has under this authorization repurchased 1,500,000 shares for a total amount of NOK 0.05 billion. In total, Hydro now holds 38,723,086 own shares. The number of outstanding shares is 1,209,233,863.
Hydro has entered into an agreement with the Norwegian state represented by the Ministry of Trade and Industry to redeem and cancel a pro-rata block of shares to keep the Ministry's ownership interest unchanged. The maximum total amount that may be used under the buy back authorization, including redeeming and cancelling a pro-rata block of shares held by the Ministry, is therefore approximately NOK 4 billion.
Contact Stefan Solberg
Telephone +47 22539280
Cellular +47 91727528
Published: September 29, 2008