Saga chief quits as Hydro bid approved

No sooner did Norway's Saga Petroleum AS accept a takeover bid by Norsk Hydro AS than its chairman resigned, citing a nationalization plan. Norsk Hydro fended off Elf Aquitaine SA for control of the Oslo-based independent, after Elf made a final all-cash offer for Saga on June 10 of 125 kroner/share ($15.94/share). Having not previously submitted a detailed offer, that same day, Hydro offered Saga 135 kroner/share ($17.22/share), comprising one Hydro share for every three Saga shares plus the remainder in cash. Saga said the majority of its board concluded that Hydro's offer was the best and that Saga shareholders should accept it. A minority, comprising employees...

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