StatoilHydro Merger Plan Signed

The boards of directors of Statoil and Hydro have now signed the final plan for the demerger of Hydro as part of the merger between Hydro's petroleum division and Statoil ASA.

Hydro's shareholders will own 32.7% and Statoil's shareholders will own 67.3% of the merged company. As recompense for the transfer of Hydro's petroleum division, Hydro's shareholders will receive a 0.8622 share in the merged company for every share they own in Hydro.

The reason for the merger is a mutual desire to create a globally competitive player in the petroleum industry and to be the world's biggest offshore operator.

The boards of directors have emphasised that the merger is a growth-oriented response to the challenges facing the industry, that strengthened international competitiveness will be achieved and long-term growth secured on the Norwegian continental shelf.

Once the merger has been completed, the new company will comprise around 31,000 employees, of which around 5,000 will come from Hydro.

The name of the merged company will from the date of merger completion be called StatoilHydro ASA. The parties will submit their merger proposals for approval at the extraordinary general meetings of Statoil and Hydro, respectively.

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Posted 16/03/07

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