Norsk Hydro: Initiation of share buyback program
Norsk Hydro ASA (NHYDY) has announced a significant share buyback program, authorized by its Board of Directors. The program aims to repurchase up to 100 million shares with a maximum value of NOK 2 billion (approximately 1.8% of the company's market value). Set to commence on September 11, 2024, and conclude by February 28, 2025, the buyback will reduce Norsk Hydro's share capital, subject to General Meeting approval. The price range for repurchases is set between NOK 20 and NOK 150 per share. Notably, the Norwegian State's ownership will remain unchanged through a pro-rata redemption agreement. Citigroup Global Markets Europe AG will independently manage the buyback, adhering to EU Market Abuse Regulation guidelines.
Norsk Hydro ASA (NHYDY) ha annunciato un significativo programma di riacquisto di azioni, autorizzato dal suo Consiglio di Amministrazione. Il programma prevede di riacquistare fino a 100 milioni di azioni con un valore massimo di 2 miliardi di NOK (circa l'1,8% del valore di mercato dell'azienda). Inizierà il 11 settembre 2024 e si concluderà entro il 28 febbraio 2025, il riacquisto ridurrà il capitale sociale di Norsk Hydro, soggetto all'approvazione dell'Assemblea Generale. L'intervallo di prezzo per i riacquisti è fissato tra 20 NOK e 150 NOK per azione. È importante notare che la proprietà dello Stato norvegese rimarrà invariata attraverso un accordo di rimborso pro-rata. Citigroup Global Markets Europe AG gestirà il riacquisto in modo indipendente, rispettando le linee guida del Regolamento Europeo contro gli Abusi di Mercato.
Norsk Hydro ASA (NHYDY) ha anunciado un importante programa de recompra de acciones, autorizado por su Junta Directiva. El programa tiene como objetivo recomprar hasta 100 millones de acciones con un valor máximo de 2 mil millones de NOK (aproximadamente el 1,8% del valor de mercado de la compañía). Se iniciará el 11 de septiembre de 2024 y concluirá el 28 de febrero de 2025, la recompra reducirá el capital social de Norsk Hydro, sujeto a la aprobación de la Junta General. El rango de precios para las recompras se establece entre 20 NOK y 150 NOK por acción. Es notable que la propiedad del Estado noruego permanecerá sin cambios a través de un acuerdo de redención pro-rata. Citigroup Global Markets Europe AG gestionará la recompra de manera independiente, cumpliendo con las directrices del Reglamento de Abuso de Mercado de la UE.
Norsk Hydro ASA (NHYDY)는 이사회의 승인을 받은 중요한 자사주 매입 프로그램을 발표했습니다. 이 프로그램은 1억 주 최대 매입을 목표로 하며, 최대 20억 NOK의 가치 (회사의 시장 가치의 약 1.8%)를 지닙니다. 2024년 9월 11일에 시작되어 2025년 2월 28일에 종료될 예정인 이번 매입은 Norsk Hydro의 자본금을 줄일 것이며, 총회 승인이 필요합니다. 매입 가격 범위는 주당 20 NOK에서 150 NOK로 설정되어 있습니다. 주목할 점은 노르웨이 정부의 소유권이 비례 환매 계약을 통해 변동이 없다는 것입니다. Citigroup Global Markets Europe AG는 EU 시장 남용 규정 지침에 따라 자사주 매입을 독립적으로 관리할 것입니다.
Norsk Hydro ASA (NHYDY) a annoncé un programme significatif de rachat d'actions, autorisé par son Conseil d'Administration. Le programme vise à racheter jusqu'à 100 millions d'actions pour une valeur maximale de 2 milliards de NOK (environ 1,8 % de la valeur marchande de l'entreprise). Il devrait commencer le 11 septembre 2024 et se terminer le 28 février 2025, ce rachat fera diminuer le capital social de Norsk Hydro, sous réserve de l'approbation de l'Assemblée Générale. La fourchette de prix pour les rachats est fixée entre 20 NOK et 150 NOK par action. Il est à noter que la propriété de l'État norvégien restera inchangée grâce à un accord de rachat au prorata. Citigroup Global Markets Europe AG gérera le rachat de manière indépendante, en respectant les lignes directrices du règlement de l'UE sur les abus de marché.
Norsk Hydro ASA (NHYDY) hat ein bedeutendes Aktienrückkaufprogramm angekündigt, das vom Vorstand genehmigt wurde. Das Programm zielt darauf ab, bis zu 100 Millionen Aktien zurückzukaufen mit einem maximalen Wert von 2 Milliarden NOK (ungefähr 1,8% des Marktwerts des Unternehmens). Der Rückkauf soll am 11. September 2024 beginnen und bis zum 28. Februar 2025 abgeschlossen werden, wodurch das Eigenkapital von Norsk Hydro reduziert wird, vorbehaltlich der Genehmigung der Hauptversammlung. Der Preisrahmen für die Rückkäufe liegt zwischen 20 NOK und 150 NOK pro Aktie. Erwähnenswert ist, dass der Anteil des norwegischen Staates durch eine proportionale Rückzahlungsvereinbarung unverändert bleibt. Citigroup Global Markets Europe AG wird den Rückkauf unabhängig verwalten und dabei die Richtlinien der EU-Verordnung gegen Marktmissbrauch einhalten.
- Share buyback program of up to 100 million shares, potentially increasing shareholder value
- Maximum buyback value of NOK 2 billion, representing 1.8% of company's market value
- Program aims to reduce share capital, potentially boosting earnings per share
- Agreement with Norwegian State ensures stable government ownership post-buyback
- Significant cash outlay of up to NOK 2 billion for share repurchases
- Potential opportunity cost as funds used for buyback cannot be invested in operations or growth
The Board of Directors of Norsk Hydro ASA has resolved to initiate a share buyback program to service its shareholders by way of reducing its share capital. The share buyback program will be executed in accordance with the authorization granted to the Board of Directors by the Annual General Meeting of Norsk Hydro held on May 7, 2024.
The share buyback program covers purchase of up to 100,000,000 shares with a maximum value of NOK 2,000 million, inclusive of the proportional redemption of shares owned by the Norwegian State. NOK 2,000 million is equivalent to approximately
The buyback program will commence September 11, 2024 and is planned finalized within February 28, 2025, with the authorization being valid until June 30, 2025. The shares repurchased under the buyback program will be redeemed (cancelled) by way of a share capital decrease in Norsk Hydro, subject to approval by Norsk Hydro's General Meeting.
The minimum and maximum amounts that can be paid per share shall be NOK 20 and NOK 150, respectively.
Norsk Hydro has entered an agreement with the Norwegian State according to which the Norwegian State's shares will be redeemed on a pro-rata basis to ensure that the Norwegian State's ownership is unchanged when shares are cancelled.
Norsk Hydro has engaged Citigroup Global Markets Europe AG to manage and carry out the share repurchases in the market. Citigroup Global Markets Europe AG will make its trading decisions independently of, and uninfluenced by, Norsk Hydro.
The share buyback program is carried out in accordance with the Market Abuse Regulation (EU) No 596/2014 ("MAR") and Commission Delegated Regulation (EU) No 2016/1052 ("Safe Harbour Regulation").
Investor contact:
Martine Rambøl Hagen
Head of Investor Relations
+47 91708918
Martine.Rambol.Hagen@hydro.com
This information is made public by Norsk Hydro pursuant to the EU Market Abuse Regulation and subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.
FAQ
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