Hydro Seeks Improved Operations and Cost Synergies In Jamaican Alumina Deal
June 10, 2004
Hydro (Oslo, Norway), an energy and aluminum supplier, will exercise its right to acquire a 65% interest in the Jamaican alumina refinery Alpart and sell this interest to Glencore AG in Switzerland. As part of its chapter 11 reorganization, Kaiser entered into an agreement to sell its 65% interest in Alpart to the Russian company RUSAL, but according to the Alpart Partnership agreement, Hydro has the right of first refusal on the transaction. In terms of the agreement with Glencore, Alpart will change from being operated by a managing partner to having an independent management. Both owners will be active participants in the Board of Directors.