Hydro reduces ownership in Vianode
NORSK HYDRO A S ADS (NHYDY)
NASDAQ:AMEX Investor Relations:
hydro.com/en/investor-relations
Company Research
Source: GlobeNewswire
Hydro has decided to reduce its ownership in synthetic graphite producer Vianode, based in Norway, from 30 to 19.9 percent. On September 6, the private equity fund Altor exercised a put option requiring Hydro to acquire an additional 20 percent of Vianode. This transaction has not been executed. Hydro has agreed with Altor to cancel the put option and has further sold 10.1 percent of Vianode to Altor. Hydro's remaining shareholding is 19.9 percent and Hydro will step down from the Board of Directors of Vianode. As part of the agreement, Hydro and Altor have a mutual put/call option for the remaining 19.9 percent of shares, which will be exercised no later than February 28, 2025. Vianode is on a growth journey to supply the battery industry with much needed low-carbon graphite. However, Hydro has decided to allocate its capital towards projects supporting its strategic priorities towards 2030 and will therefore no longer provide further capital to Vianode. Imp
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