Norsk Hydro makes surprise bid for Saga; offer values oil-industry rival at 42.23 billion

Article Abstract:

Norsk Hydro ASA has unexpectedly offered US $2.23 billion in stock for Saga Petroleum ASA. The conglomerate's 17 billion kroner bid for the smaller Saga would have to be approved by the Norwegian government, which owns 51% of Norsk, and would have to be accepted by 90% of Saga shareholders. The Norwegian government also owns 20% of Saga, through the government-owned Statoil AS. The offer would give Saga shareholders 1 share of Norsk for every 3 shares of Saga. Analysts say the Norsk bid is close to the value of Saga's assets.

Asset sales & divestitures, Electric Utilities, Electric Power Generation, Transmission and Distribution, Petroleum, Petroleum and Coal Products Manufacturing, Norway, Petroleum industry, Norsk Hydro ASA, Saga Petroleum A/S

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Australia's Amcor to sell European unit to Seda

Article Abstract:

Australian packaging firm Amcor Ltd. will sell its polyethylene terephthalate (PET) unit to Spain's La Seda de Barcelona S.A. for approximately $575.3 mil. Amcor, the world's largest plastic soft-drink bottle manufacturer, is embarking on a three-year plan to sell, close, or restructure low-performing units.

Organizational history, Misc. Converted Paper Products, Miscellaneous Plastics Products, NEC, Plastics Materials and Synthetics, Australia, Company acquisition/merger, Spain, Packaging industry, Company restructuring/company reorganization, Reorganization and restructuring, Polymer industry, Company organization, Amcor Ltd., La Seda de Barcelona S.A.

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