Hydro Seafood - DTI blocks UK sale

The UK Ministry of Trade and Industry (DTI) today announced that it will not approve the sale of Hydro Seafood’s operation in the UK - Hydro Seafood GSP Ltd (GSP) - to Nutreco. The DTI based its decision on competition concerns.

In respect to the agreement entered into with Nutreco, the process of selling GSP to a third party will now begin. The DTI determination will not impact Hydro’s total remuneration in connection with the sale of Hydro Seafood. Hydro’s accounts will post this part of the transaction when an actual sale is complete.

Additional elements in the sale of Hydro Seafood were previously expedited and are expected to result in a pre-tax gain in the fourth quarter of 2000 of about NOK 1.8 billion.