Norsk Hydro: Subscription period for Hydro's tender offer for Alumetal completed

More  than 97 percent of the  shares have now subscribed  for sale in the tender
offer for Alumetal. The subscription period was concluded on Friday, June 30.

Hydro  will now  proceed with  the purchase  of all  Alumetal shares, which were
subscribed for sale. The share purchases are expected to be concluded on July 5
and settled on July 7.

"We are very pleased that our tender offer has ended successfully. As previously
announced,  our aim will  now be to  efficiently carry out  a squeeze-out of the
shares  remaining in the  hands of minority  shareholders and to delist Alumetal
from  the  WSE.  We  are  impressed  by  Alumetal's  development, the quality of
production,  and the competence  of management and  employees. At this stage, we
aim to integrate Alumetal within Hydro and to develop an even better offering of
low-carbon recycled aluminium to our customers," says Eivind Kallevik, Executive
Vice President of Hydro Aluminium Metal.

Assuming  purchase  of  shares  representing  100 percent  of  Alumetal's  share
capital, the value of the transaction implies an aggregate equity purchase price
of  approximately PLN 1,265 million and an enterprise value of approximately PLN
1,651 million including dividend payable.


Investor contact:
Martine Rambøl Hagen
[phone]
[e-mail]

Media contact:
Anders Vindegg
[phone]
[e-mail]

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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