Update on Offering in Gränges. Bookbuilding successfully completed. Shares priced at SEK 42.50 per share

NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, JAPAN OR AUSTRALIA
 
Orkla announces the successful completion of the bookbuilding period for the initial public offering of the shares of Gränges AB (publ) ("Gränges" or the "Company") and the listing on NASDAQ Stockholm (the "Offering"). The Offering was over-subscribed and attracted strong interest, both from Swedish and international institutional investors as well as from the general public in Sweden and Norway.

The Offering in brief

1. The offering price has been set at SEK 42.50 per share, corresponding to a market capitalization of Gränges of approximately SEK 3.2 billion.

2. In this Offering Orkla (through its wholly owned subsidiary Orkla Industriinvesteringar AB) is selling 60 percent of its shareholding in Gränges, corresponding to 44,783,600 shares.

3. The over-allotment option is up to 15 per cent of the Offering, corresponding to  6,717,500 shares1.

4. The Offering comprises 51,501,100 shares corresponding to approximately 69 percent of the total number of shares in the Company, assuming the over-allotment option is exercised in full.

5. Trading in Gränges' shares on NASDAQ Stockholm begins today, October 10, 2014, under the ticker "GRNG".

6. Orkla will receive gross proceeds from the Offering of approximately SEK 2.2 billion (assuming that the over-allotment is exercised in full), supplemented by the SEK 1.65 billion Orkla received as dividends in September 2014.

7. Following the completion of the Offering, Orkla will own 40% of the shares of Gränges if the over-allotment option is not exercised, or 31% if the over-allotment option is exercised in its entirety.
 
Carnegie and SEB acted as Joint Global Coordinators and Joint Bookrunners in connection with the Offering. Handelsbanken Capital Markets and Danske Bank acted as Joint Bookrunners.

Reference is made to the appendix to this announcement for information on the transaction in accordance with Section 3.4 of the Continuing Obligations for Stock Exchange Listed Companies.

Orkla ASA,

Oslo, 10 October 2014

For further information, please contact:

Rune Helland, SVP Investor Relations
Tel: +47 97 71 32 50
 

1) The over-allotment option may be exercised by the Joint Global Coordinators through November 10, 2014.

NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, JAPAN OR AUSTRALIA

DISCLAIMERS
This announcement is not an offer to buy any securities issued by Gränges AB (publ) (the "Company") in any jurisdiction where such offer or sale would be unlawful.

In any EEA Member State, other than Sweden and Norway, that has implemented Directive 2003/71/EC as amended (together with any applicable implementing measures in any member State, the "Prospectus Directive"), this communication is only addressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus Directive.

This document and the information contained herein are not for distribution in or into the United States of America. This document does not constitute an offer to sell, or a solicitation of an offer to purchase, any securities in the United States. Any securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold within the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. There is no intention to register any securities referred to herein in the United States or to make a public offering of the securities in the United States.

In the United Kingdom, this document and any other materials in relation to the securities described herein is only being distributed to, and is only directed at, and any investment or investment activity to which this document relates is available only to, and will be engaged in only with, "qualified investors" (as defined in section 86(7) of the Financial Services and Markets Act 2000) and who are (i) persons having professional experience in matters relating to investments who fall within the definition of "investment professionals" in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"); or (ii) high net worth entities falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "relevant persons"). Persons who are not relevant persons should not take any action on the basis of this document and should not act or rely on it.

Any offering of securities will be made by means of a prospectus that may be obtained from the issuer or selling security holder and that will contain detailed information about the Company and management, as well as financial statements. This document is an advertisement and not a prospectus for the purposes of the Prospectus Directive.  Investors should not subscribe for any securities referred to in this document except on the basis of information contained in the prospectus.

Matters discussed in this release may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as "believe," "expect," "anticipate," "intends," "estimate," "will," "may," "continue," "should" and similar expressions.  The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions.  Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control.  Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements.

The information, opinions and forward-looking statements contained in this release speak only as at its date, and are subject to change without notice.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
 
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)