The EU Commission has approved the transaction between Norsk Hydro ASA and Orkla ASA to form a 50/50 joint venture within aluminium solutions to be named Sapa. Pending necessary approval from Chinese competition authorities, the parties expect the transaction to be completed in third quarter 2013, at the latest. The transaction has already been approved by the U.S. Department of Justice and relevant competition authorities in several other jurisdictions. The parties also need approval from Chinese competition authorities (MOFCOM), which is currently evaluating the transaction. Due to limited overlap of the parties' operations in China, the parties expect the transaction to be approved. The timing of the approval from MOFCOM is difficult to determine, but the parties expect the transaction to be approved in the third quarter, at the latest. Approval from the EU Commission is conditioned on the sale of Hydro's aluminium profile operations at Raufoss in Norway and its affiliated fabrication plant in Vetlanda in Sweden, as well as Sapa's multi-port extrusion (MPE) operations in Harderwijk in the Netherlands. The parties have started the process to divest these businesses in line with the Commission's decision.

Orkla ASA reported group earnings results for first quarter of fiscal year 2013. For the period, the company reported operating revenues of NOK 7,219 million compared to NOK 7,069 million in the same period last year. EBITA was NOK 676 million compared to NOK 596 million in the same period last year. EBIT was NOK 658 million compared to NOK 553 million in the same period last year. Profit before taxes was NOK 1,154 million compared to NOK 900 million in the same period last year. Profit for the period continuing operations was NOK 956 million compared to NOK 740 million in the same period last year. Profit for the period was NOK 1,312 million compared to NOK 684 million in the same period last year. Earnings per share diluted were NOK 1.3 compared to NOK 0.7. Cash flow from operations was NOK 40 million compared to NOK 353 million in the same period last year.

Orkla ASA provided earnings guidance for the second quarter of 2013. The company announced its about NOK 520 million of cash, and generated profit of about NOK 150 million in the second quarter of 2013. Net interest-bearing debt will increase further in the second quarter of 2013 following the payment of dividend and the closing of the Rieber transaction.