Skip to content

The Annual General Meeting authorized the Board of Directors to acquire Hydro shares in the market from May 6, 2008 inclusive to May 5, 2009 inclusive. The lowest and highest prices to be paid per share shall be NOK 20 and NOK 150, respectively. The Norwegian State, represented by the Ministry of Trade and Industry, has agreed to participate with the purpose of redeeming and cancelling a pro-rata block of shares held by the Ministry so that the Ministry’s ownership interest remains unchanged.

The maximum total amount the Board is considering using under this buyback authorization, including redeeming and cancelling a pro-rata block of shares held by the Ministry, is approximately NOK 4 billion. The treasury shares acquired in accordance with the authorization shall be used for no other purpose than cancellation by means of capital reduction.

The Annual General Meeting elected the following members to the Corporate Assembly:

  • Siri Teigum (new chair, re-elected)
  • Leif Teksum (new deputy chair, new member)
  • Westye Høegh (re-elected)
  • Idar Kreutzer (re-elected)
  • Anne Merete Steensland (re-elected)
  • Sten-Arthur Sælør (re-elected)
  • Lars Tronsgaard (re-elected)
  • Anne-Margrethe Firing (re-elected)
  • Terje Venold (re-elected)
  • Unni Steinsmo (new member)
  • Toril Nag (new member)
  • Hans Olav Karde (new member)

Correspondingly the following deputy members were elected for the same period:

  • Gunvor Ulstein (re-elected)
  • Anne Kverneland Bogsnes (new member)
  • Tove Wangensten (new member)
  • Jon Lund (new member)

In addition the following members were elected to the Nomination Committee for a period of two years:

  • Siri Teigum (new chair, re-elected)
  • Leif Teksum (new deputy chair, new member)
  • Westye Høegh (re-elected)
  • Mette Wikborg (new member)

Press contact
Contact     Halvor Molland
Telephone   +47 22532421
Cellular    +47 92979797

Investor contact
Contact     Stefan Solberg
Telephone   +47 22539280
Cellular    +47 91727528

Norsk Hydro ASA
Drammensveien 264
N-0240 Oslo
Telephone: +47 22538100
Fax: +47 22532725

Certain statements included within this announcement contain forward-looking information, including, without limitation, those relating to (a) forecasts, projections and estimates, (b) statements of management’s plans, objectives and strategies for Hydro, such as planned expansions, investments or other projects, (c) targeted production volumes and costs, capacities or rates, start-up costs, cost reductions and profit objectives, (d) various expectations about future developments in Hydro’s markets, particularly prices, supply and demand and competition, (e) results of operations, (f) margins, (g) growth rates, (h) risk management, as well as (i) statements preceded by “expected”, “scheduled”, “targeted”, “planned”, “proposed”, “intended” or similar statements.

Although we believe that the expectations reflected in such forward-looking statements are reasonable, these forward-looking statements are based on a number of assumptions and forecasts that, by their nature, involve risk and uncertainty.  Various factors could cause our actual results to differ materially from those projected in a forward-looking statement or affect the extent to which a particular projection is realized.  Factors that could cause these differences include, but are not limited to: our continued ability to reposition and restructure our upstream and downstream aluminium business; changes in availability and cost of energy and raw materials; global supply and demand for aluminium and aluminium products; world economic growth, including rates of inflation and industrial production; changes in the relative value of currencies and the value of commodity contracts; trends in Hydro’s key markets and competition; and legislative, regulatory and political factors.

No assurance can be given that such expectations will prove to have been correct.  Hydro disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.