Sale of Shares in Pronova Biocare
April 15 2005 - 10:30AM
PR Newswire (US)
Sale of Shares in Pronova Biocare OSLO, Norway, April 15
/PRNewswire-FirstCall/ -- Hydro has agreed to sell its remaining
shareholding of 19.5 % in Pronova Biocare AS to PB Holding AS, a
company controlled by the Ferd Private Equity Fund. The sale
reflects Hydro's strategy to concentrate on core businesses. The
proceeds from the sale of these shares is NOK 275 million. This
results in a gain for Hydro of approximately NOK 230 million which
will be recorded in second quarter 2005. Hydro sold 80.1 % of
Pronova Biocare AS to Ferd in January 2004. In connection with this
sale Pronova Biocare borrowed NOK 225 million from Hydro. Pronova
Biocare has recently repaid this loan. Pronova Biocare is a world
leader within development, production and sale of marine Omega-3
fatty acids. The activity is covering pharmaceutical, consumer and
industrial applications. The company has production facilities in
Sandefjord and Alesund, Norway, and the products are sold primarily
in the EU and the USA. Pronova Biocare is marketing Omacor which is
among the first pharmaceuticals developed and produced in Norway.
The product is based on Omega-3 fatty acids and has been approved
in a number of European countries and the USA. Contact Idar Eikrem
Telephone +47 22533273 Cellular +47 95028363 E-mail DATASOURCE:
Norsk Hydro CONTACT: Idar Eikrem of Norsk Hydro, +47-22533273, or
Cellular, +47-95028363, or Web site: http://www.hydro.com/
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