Statoil ASA, Stavenger, Norway, (NYSE: STO) plans to acquire Norsk Hydro ASA, Oslo, (NYSE, Oslo: NHY) except for its aluminum business, in an all-stock deal valued at approximately US$30.6 billion. The new company will be headquartered in Stavenger and have assets in approximately 40 countries, with integrated production, refining and marketing, plus interests in renewable energy and carbon capture. The company will have a combined production of 1.9 million barrels of oil equivalent per day and proved reserves of 6.3 billion barrels equivalent. Norsk Hydro will continue as a global aluminum and solar company.
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