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A Phase II review is a customary part of the Commission’s merger review process in cases where initial concerns about a transaction’s effects cannot be excluded during the preliminary assessment stage.    

Hydro announced a tender offer for 100 percent of the shares of the Polish recycler Alumetal S.A. on April 29, 2022. In July 2022, Hydro extended the subscription period to October 10, 2022. Following the Commission’s decision to open a Phase II review, the legal condition of the public tender offer will not be fulfilled before the end of subscription period, and the tender offer will therefore expire.

Hydro remains committed to the transaction and will continue to work closely with the Commission over the coming months on the Phase II review.