February 26, 2018 / 8:13 AM / 3 months ago

BRIEF-Norsk Hydro in $345 mln bid for Rio Tinto aluminium plant in Iceland

Feb 26 (Reuters) - Norsk Hydro Asa:

* HYDRO WITH BINDING OFFER TO ACQUIRE ICELANDIC ALUMINIUM PLANT ISAL

* ‍BINDING OFFER TO ACQUIRE RIO TINTO’S 100% SHARE OF ICELANDIC ALUMINIUM PLANT ISAL​

* ‍OFFER ALSO INCLUDES DUTCH ANODE FACILITY ALUCHEMIE AND SWEDISH ALUMINIUM FLUORIDE PLANT ALUFLUOR​

* HYDRO - ‍BINDING OFFER TO ACQUIRE RIO TINTO’S ICELANDIC ALUMINIUM PLANT RIO TINTO ICELAND LTD (“ISAL”), ITS 53% SHARE IN DUTCH ANODE FACILITY ALUMINIUM & CHEMIE ROTTERDAM, AND 50% OF SHARES IN SWEDISH ALUMINIUM FLUORIDE PLANT ALUFLUOR AB FOR USD 345 MILLION​

* ‍TRANSACTION IS EXPECTED TO BE FINALIZED IN Q2 OF 2018​

* ‍WITH ISAL’S 210,000 MT OF ALUMINIUM BASED ON RENEWABLE POWER, HYDRO INCREASES ITS TOTAL CAPACITY IN PRIMARY ALUMINIUM PRODUCTION TO 2.4 MILLION MT IN 2018​

* ‍TRANSACTION REINFORCES HYDRO’S STRATEGIC DIRECTION OF BEING A FULLY INTEGRATED ALUMINIUM COMPANY​ Source text for Eikon: Further company coverage: (Reporting By Terje Solsvik)

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