(CercleFinance.com) – The Norwegian aluminum producer Norsk Hydro announced on Monday the launch of a vast share buyback program covering a maximum number of 100 million shares, or around 1.6% of its capital. .
These securities, which can be repurchased over a period starting from September 27 and extending until February 29 inclusive, are intended to be canceled through a capital reduction, specifies the industrial group.
The share price cannot be less than 20 Norwegian crowns and cannot exceed 150 crowns, for a maximum value of two billion crowns.
In its press release, Hydro specifies that it has concluded an agreement with the Norwegian government stipulating that the latter’s actions will be canceled on a pro rata basis in order to guarantee the state’s level of participation.
As of December 31, the Norwegian Ministry of Trade, Industry and Fisheries controlled 34.7% of the capital, while the fund managing government assets, the Folketrygdfondet, held 6%.
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