The offer has been made by Orkla's wholly-owned subsidiary, Lilleborg AS, and concerns the purchase of all the A shares in Jotun AS that are not already owned by Orkla (i.e. a total of 72,019 A shares). The price offered, NOK 70,000 per A share, is payable in cash.

 

Completion of the offer is conditional on, among other things, Orkla acquiring a total stake in Jotun AS, after the exercise of any pre-emptive rights to shares by other shareholders, that represents more than 50% of the voting rights in the company.

 

Orkla already owns 41,981 A shares and 103,446 B shares in the company, which is equivalent to 42.5% of share capital and 38.2% of the voting rights in Jotun. If Orkla acquires 50.1% of the votes, this will entail a total investment of NOK 1.1 billion.

 

If all the A shareholders accept the offer, Orkla's stake in Jotun will represent 63.6% of the share capital and 90.9% of the voting rights. In such case, the total purchase price will be NOK 5 billion.

 

The acceptance period expires on 30 September 2011; however, Orkla reserves the right to extend this deadline.
 

Orkla ASA
Oslo, 31 August 2011

 

Ref.:

 

Senior VP Corporate Communications and Public Affairs
Johan Chr. Hovland
Telephone +47 22 54 44 86/+47 917 63 491

 

Senior VP Investor Relations
Rune Helland
Telephone +47 22 54 44 11

 

VP Investor Relations
Siv M. Skorpen Brekke
Telephone +47 22 54 44 55/+47 930 56 093

 

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)