Hafslund ASA has received and accepted an offer for 224,000 of our Arendals Fossekompani shares at a net price of NOK 480 per share. The offer has been put forward by Fondsfinans ASA on behalf of Arendals Fossekompani and a group of investors. Hafslund has also issued an Americen call-option for the remaining 273,664 shares in Arendals Fossekompani with a strike price of NOK 480 per share plus 6% interest for the period from 12 November until settlement takes place. The call option expires on 2 December, 2003. Hafslund has simultaneously received a European put-option for 273,664 shares in Arendals Fossekompani with a strike price of NOK 480 per share plus 6% interest for the period from 12 November until settlement takes place. The option expires on December 3, 2003. If the options are exercised, Hafslund will book a total accounting loss on the transaction of NOK 10 million. Net proceeds from the transaction are approx. NOK 239 million. If the options are exercised, Hafslund will have sold all our shares in Arendals Fossekompani.

 

The transaction is a natural step in the on-going work in Hafslund to divest non-core assets.

 

Oslo, 7 November 2003

 

For further information please contact
CFO Christian Berg