Hydro calls for brokers

Industrial concern Norsk Hydro is soliciting offers from brokerage houses to handle a stocklisting of its agricultural unit, which Hydro plans to spin off. The

Industrial concern Norsk Hydro is soliciting offers from brokerage houses to handle a stocklisting of its agricultural unit, which Hydro plans to spin off. The deal would be the biggest since the state sold off blocks of Telenor and Statoil.

Hydro has asked both Norwegian and foreign brokerages for offers for so-called Hydro Agri. The job, for whichever firm gets it, could be worth up to NOK 100 million (about USD 14 million).

Joergen Kristian Andersen of Hydro told newspaper Dagens Naeringsliv Thursday that Hydro has set out invitations for proposals to around 20 brokerage houses, half of them Norwegian.

He's in charge of the spin-off and says Hydro's own staff will do most of the work. "But we'll need some external help, both financial and legal," Andersen said.

Plans call for Hydro to stocklist its agricultural division on the Oslo Stock Exchange during the first half of next year. The total value of the unit has been estimated to range from NOK 20 billion to NOK 25 billion

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