Shareholders approve Statoil-Norsk Hydro merger

Statoil ASA and Norsk Hydro ASA shareholders approved the merger of Statoil and the oil and gas division of Norsk Hydro.

By OGJ editors
HOUSTON, July 6 -- Statoil ASA and Norsk Hydro ASA shareholders approved the merger of Statoil and the oil and gas division of Norsk Hydro during separate July 5 extraordinary general meetings. The transaction, valued at $30 billion, will create the world's largest offshore operator (OGJ, Jan. 1, 2007, p. 29).

The merger, approved by the boards of directors of both companies in March, is expected to be completed on Oct. 1.

The new firm will be based in Stavanger. Group functions will be in Stavanger and Oslo, however, and the chief executive officer will operate from both locations.

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