The acquirer of Hydro's shareholding in BioMar Holding A/S received the authorities' approval of the transaction on Tuesday. With the authorities' approval of the transaction all conditions for the sale have been fulfilled.
The sales consideration of DKK 893 million will be paid in cash within five business days of the approval. The transaction will therefore have effect for fourth quarter 2005, according to a press release from Hydro.
Norsk Hydro ASA agreed on November 10 to sell 7,569,990 shares in BioMar Holding A/S, representing an ownership interest of 68,82%, to Schouw & Co., a company listed on the Copenhagen Stock Exchange. The price obtained was DKK 118 per share. Following the sale, Hydro owns no shares in BioMar Holding A/S. The sale is part of Hydro's strategy to divest no-core assets.
BioMar is a global supplier of fish feed for the fishfarming industry with production facilities in five European countries and in Chile. BioMar has 500 employees and an expected sales volume of approximately DKK 2.6 billion.