HNA - COMPLETION OF MERGER
The deadline for the creditors to object to the merger expired 15 March 2002. No objections to the merger have been made by the creditors. Today, the Board of Directors also resolved that the other conditions for the completion of the merger in accordance with the merger plan will be fulfilled as soon as the de-merger of the district heating activity and the de-merger of the non-operational properties in Viken Energinett AS, are completed. All notifications regarding the merger, the capital increase, the amendments of the Articles of Association in Hafslund ASA and the de-merger of Viken Energinett AS will as soon as possible be sent to the Norwegian Register of Business Enterprises.
The City of Oslo will, being the owner of 67% of the shares in Viken Energinett AS, in connection with the merger receive 40,497,796 A-shares and 27,974,237 B-shares in Hafslund ASA, corresponding to 35.1% of Hafslund ASA's total number of shares. Together with the shares owned by E-CO Energi AS (wholly-owned by the City of Oslo), this represents a total ownership of 53.7% in Hafslund ASA. The City of Oslo will also receive a cash consideration of NOK 550 million.
The merger, as well as the acquisition of Vattenfall Norge AS (including the subsidiary Oslo Energi AS), the majority control in Tindra AS (65.5%) and Viken Energinett's acquisition of 100% of Østnett AS, are important steps in respect of Hafslund's expansion within the energy sector.