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Hydro is offering PLN 82.00 per each Alumetal share to all shareholders who subscribe for the sale of shares by 23:59 on June 15, 2023, including those who subscribed for the sale of shares in the tender offer before the price increase (with the exception that approximately 32.7 percent of the shares owned by IPO30 UNIPESSOAL LDA will be acquired by Hydro at PLN 78.69 per share). As of June 16, the offer price will be reduced to the initial level, i.e. PLN 78.69 per share.

The time limited offer is aimed to reward those investors who respond quickly to the tender offer, and as a result to meet the key condition of the sale of at least 50 percent of all Alumetal shares.

Approximately 39 percent of the company's shares have already been subscribed, including shares held by two members of Alumetal's Supervisory Board and all members of Alumetal's Management Board.

Hydro received unconditional approval from the European Commission for the proposed acquisition of Alumetal in early May, so there are no outstanding regulatory conditions to complete the transaction.

Subscriptions for the sale of shares in the tender offer will be accepted until June 30, 2023.


Tender offer timetable

Start of acceptance of subscriptions

May 26, 2023

Tender offer price increase

June 9, 2023

Last day of acceptance of subscriptions at increased price

June 15, 2023

End of acceptance of subscriptions

June 30, 2023

Expected date of conclusion of share purchase transactions

July 5, 2023

Expected date of settlement of share purchase transactions

July 7, 2023

This announcement is for informational purposes only and cannot be treated as an offer or proposal to purchase shares, nor as a recommendation regarding investment decisions in relation to the tender offer for the sale of shares in Alumetal S.A., announced on May 25, 2023 by Hydro Aluminium AS (the “Tender Offer”) through Bank Pekao – Biuro Maklerskie Pekao and Pekao Investment Banking S.A. as intermediary brokers. The Tender Offer document (as amended thereafter) is the only legally binding source of information on the terms of the Tender Offer and is the only legally binding document relating to the Tender Offer process. At the same time, the Tender Offer should not be considered as a recommendation or forecast from Hydro Aluminium AS, any Hydro group entity or Bank Pekao S.A., Pekao Investment Banking S.A. and entities from Bank Pekao S.A.'s capital group.


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