EU delays inquiry deadline for Ineos' proposed acquisition of Norsk Hydro

21-Aug-07

The European Commission has put off till September 7, 2007 the deadline for its inquiry into British chemical company Ineos' proposed 5.5 bln nkr acquisition of Norsk Hydro ASA's petrochemicals business Kerling ASA. The original deadline of August 24, set by the commission, was extended due to 'first phase inquiry commitments. Norsk Hydro had originally declared that under International Financial Reporting Standards, it expects a gain on the transaction of approximately 400 mln nkr after tax. However the agreed payment is subject to various changes in equity until the deal closes, which is expected during the third quarter.