OSLO, Norway, May 7, 2003 (PRIMEZONE) -- The Annual General Meeting of Norsk Hydro ASA (NYSE:NHY) has today adopted the board of directors' proposal to distribute a dividend of NOK 10.50 per share. The dividend will be paid on May 22, 2003 to shareholders who are listed in the company's register as of May 7. Shares will be registered ex-dividend from May 8, while American depositary Receipts (ADR) have been registered ex-dividend since May 5.
The Annual General Meeting also authorised the Board to buy back shares within the next 18 months with the intention of subsequent cancellation. The authorisation is limited to buying 2,808,810 shares in the market. Based on an agreement with the Norwegian State, Hydro's largest shareholder, a proportional part of the State's shares may be bought for cancellation. The State's ownership share will therefore remain unaffected by the buyback and cancellation. In total, up to 5 million shares may be cancelled, equivalent to 1.9 percent of the outstanding shares. Final decisions on cancellation will have to made with a majority of 2/3 in a future General Meeting.
The following new members of the Corporate Assembly were elected: Karen Helene Midelfart and Lars Tronsgaard. Joergen Lindegaard is leaving the Corporate Assembly.
Contact Peik Norenberg Cecilie Ditlev-Simonsen Telephone (+47) 22 53 34 40 (+47) 22 53 20 97 Cellular (+47) 91 76 15 56 (+47) 41 55 92 50 E-mail Peik.Norenberg@hydro.com Cecilie.Ditlev-Simonsen@hydro.com
Norsk Hydro ASA Bygdoey alle 2 N-0240 Oslo Norway Telephone: (+47) 22 53 81 00 Fax: (+47) 22 53 27 25 www.hydro.com