18.08.2008
Norsk Hydro ASA has today completed the sale of its 29.7 percent ownership interest in Qatar Vinyl Company (QVC) to Qatar Petroleum. The transaction represents net proceeds to Hydro of USD 136 million (NOK 735 million). The transaction is expected to result in a gain of approximately NOK 100 million to be recorded in the third quarter results. This completes the divestment of Hydro's Polymers activities.
Hydro entered into an agreement to sell its Polymers activities to INEOS in late May 2007, consisting of production facilities in Norway, Sweden and the UK, and the 29.7 percent ownership interest in QVC. The sale to INEOS was completed February 1, 2008, excluding the QVC ownership interest as Qatar Petroleum exercised its pre-emptive right to acquire the QVC ownership interest.
Source: press-release from Norsk Hydro ASA
