Hydro Has Sold All Its Yara Shares
31 March 2004 - 12:06AM
PR Newswire (US)
Hydro Has Sold All Its Yara Shares OSLO, Norway, March 30
/PRNewswire-FirstCall/ -- Norsk Hydro ASA has sold its remaining
shares in Yara International ASA. On March 25, 2004, Hydro
announced that it had sold 31.9 million Yara shares. Yesterday,
another 31.9 million shares were sold at a price of NOK 41 per
share. After this transaction, Hydro does no longer own shares in
Yara. The total proceeds from the sale of 63,888,512 Yara shares
(including the sale of 31,944,256 shares on March 25, 2004) are NOK
2.6 billion, which results in a pre-tax gain for Hydro of
approximately NOK 530 million. The gain will be included in income
from discontinued operations in first quarter 2004. Hydro is a
Fortune 500 energy and aluminium supplier operating in more than 40
countries. We are a leading offshore producer of oil and gas and
the world's third-largest aluminium supplier. Our 36,000 employees
create value by strengthening the viability of the customers and
communities we serve. Certain statements inthis press release are
or may constitute "forward- looking" statements within the meaning
of the Private Securities Litigation Reform Act of 1995. Statements
that are not in the nature of historical facts may be deemed to be
forward-looking statements and may contain identifying words such
as "believes", "anticipates", "plans", "expects" and similar
expressions. These forward looking statements are based on Hydro's
current expectations, assumptions, estimates and projections about
the company and theindustries in which it engages in business. All
forward-looking statements involve risks and uncertainties. For a
detailed description of factors that could cause Hydro's actual
results to differ materially from those expressed in or implied by
such statements, please refer to its annual report on Form 20-F for
the year-ended December 31, 2002 and subsequent filings on Form 6-K
with the U.S. Securities and Exchange Commission. With respect to
each non- GAAP financial measure Hydro uses in connection with its
financial reporting and other public communications, Hydro provides
a presentation of what Hydro believes to be the most directly
comparable GAAP financial measure and a reconciliation between the
non-GAAP and GAAP measures. This information can be found in
Hydro's earnings press releases, quarterly reports and other
written communications, all of which have been posted to Hydro's
website (http://www.hydro.com/). Contact Kjetil Bakken Telephone
+47 22 53 23 13 Cellular +47 91 889 889 E-mail DATASOURCE: Norsk
Hydro CONTACT: Kjetil Bakken of Norsk Hydro, +47-22-53-23-13, Cell,
+47-91-889- 889, Web site: http://www.hydro.com/
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