Norsk Hydro sells Biomar Holding shares Published: 11 November, 2005
NORWEGIAN company Norsk Hydro has announced that it has sold 7,569,990 shares in Denmark-based fish feed company Biomar Holding A/S, representing an ownership interest of 68,82 % to Schouw & Co., a company listed on the Copenhagen Stock Exchange.
The sales consideration of approximately NOK 925 million will be paid in cash at the take over date immediately following relevant authorities’ approval of the transaction.
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.
Hydro will recognise a tax-free gain of approximately NOK 650 million on the transaction.
Approximately 50 % of the gain is related to the realisation of currency translation gains previously booked directly to equity.
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.
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