Rio Tinto has been informed by Hydro that it has withdrawn its offer to acquire the ISAL smelter in Iceland, its 53.3% share in the Aluchemie anode plant in the Netherlands and its 50% share in the Aluminum fluoride plant in Sweden. It originally announced its offer in February. Following initial feedback from the European Commission (EC), Hydro withdrew its EC merger filing and terminated the transaction, Rio Tinto said.
Hydro said after considering alternative timelines, outcomes and developments, it requested to terminate the transaction and signed a termination agreement.
In February, Hydro made a binding offer to acquire Rio Tinto’s Icelandic aluminum plant Rio Tinto Iceland Ltd., its 53% share in Dutch anode facility Aluminum & Chemie Rotterdam B.V. (Aluchemie), and 50% of the shares in Swedish aluminum fluoride plant Alufluor AB (Alufluor) for $345 million.
A sale and purchase agreement was signed on June 8, following successful consultations with Rio Tinto employees in France and the Netherlands, Hydro said.
Hydro will continue to own 46.7% in Aluchemie.