Statoil, Hydro Boards OK Takeover

Statoil and Hydro will merge to create the world's largest offshore oil and gas producer.

The boards of directors of Statoil and Hydro have signed a final plan Tuesday for a takeover of Hydro as part of a merger between Hydro’s petroleum division and Statoil ASA.

The merger will create the world’s largest offshore oil and gas producer.

Hydro’s shareholders will own 32.7 percent and Statoil’s shareholders will own 67.3 percent of the merged company.

Once the merger has been completed, the new company will comprise about 31,000 employees, of which around 5,000 will come from Hydro.

The name of the merged company will, from the date of merger completion, be called StatoilHydro ASA. The parties will submit their merger proposals for approval at the company’s general meetings.

Statoil will shortly submit a registration document to the U.S. Securities and Exchange Commission that contains a draft prospectus regarding the merger.

More in Supply Chain