Approval of the Corporate Assembly

13.01.2005: Reference is made to the notice sent to the Oslo Stock Exchange on 10 January 2005 concerning the acquisition of a controlling interest in Elkem.

Orkla's Corporate Assembly has today, Thursday, 13 January 2005, approved Orkla making a mandatory offer for all remaining Elkem shares.
Since Orkla's investment in Elkem will thereby become a part of Orkla's industrial area, all Elkem shares that are owned by Orkla's subsidiaries will today be transferred to Orkla ASA. This concerns the following subsidiaries and shares:
Rederiaktieselskapet Orkla:  7 shares
Nordstjernen Holding AS:  200 496 shares
Total:  200 503 shares
The shares have been transferred at a price of NOK 235 per share. The total number of Elkem shares held by Orkla remains unchanged as a result of these internal transactions.