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Elkem buys the Governments's shares in Icelandic Alloys   11.12.2002 10:00:37
Flokkur: Fyrirtækjafréttir      Íslenska  English

ELKEM BUYS THE GOVERNMENT’S SHARES IN ICELANDIC ALLOYS AND GIVES AN OFFER TO THE OTHER SHAREHOLDERS

 

 

According to an agreement signed to day 11th December 2002 between the Icelandic Government (the Government) and Elkem ASA (Elkem), the Government sells its shares in Icelandic Alloys Ltd (IA) to Elkem for a price of ISK 1,15/share.  The total consideration for the purchase is ISK 131.542.181, for 114.384.505 shares corresponding to 10,49% of all issued shares in IA.  In accordance with the made agreement Elkem today published an offer to all the remaining shareholders in IA to buy their shares at the same price as agreed with the Government – ISK 1,15/share.  After the purchase of the Government’s shares Elkem possesses 83,11% of all the issued shares in the company, thus the offer covers 184.282.216 shares or 16,89% of all issued shares in IA. The offer is valid for 15 days from and including today.

 

Elkem has been a large shareholder in IA since the company was established in 1975.  As a result of a decision to expand the production capacity in 1997 and the financing needed for this investment Elkem became the majority owner of IA in 1997.  Weak results over the last few years have made two capital increases necessary (2000, 2001), whereafter Elkem before the above-mentioned purchase from the Government held 72,62% of the issued shares in IA. 

 

IA produces standard ferrosilicon in a market where an increasing part of the volumes originate from Eastern Europe and Asia.  To be able to develop a sustainable business IA in the future will have to develop more refined and specialised products. To achieve this, significant investments are needed.  The present financial position of IA does not make it possible to raise such funds and thus the industrial development can only be reached through support from IA’s shareholders.  Elkem wishes to develop IA in the above-described direction. This is the reason for Elkem’s purchase of the Government’s shares and the offer to the remaining shareholders.

 

Elkem – A World-Class Metal Producer

Elkem is one of Norway’s largest industrial companies, and one of the world’s leading suppliers of metals and materials.  The Group actively develops world-class industrial technology.  Metals and materials from Elkem are essential in the manufacturing of a wide range of products needed in today’s society.  These products maintain the highest quality standards and are in demand in steadily growing markets.

 

The main products are silicon metal, aluminium, hydro-power, ferroalloys, carbon and microsilica.  Elkem has production plants in Norway, Iceland, USA, Canada, Brazil and China, in addition to a comprehensive network of sales offices and agents covering the most important markets in Europe and Asia.  The company has approximately 3800 employees.  In addition Elkem recently bought a majority position in the Swedish aluminium extrusion company Sapa AB and today Elkem possesses 71,4% of the issued shares in Sapa.  As a result of this investment the turnover in the Elkem group is nearly doubled being today approximately 18 billion NOK engaging more than 8000 employees.

 

Elkem’s main shareholders are Alcoa (46,5%) and the Norwegian conglomerate Orkla ASA (38,8%).

 


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