Termination of put options in REC
Reference is made to Orkla's stock exchange notice dated February
5th, 2007, in connection with Orkla's acquisition of app. 12.48% of
the shares in Renewable Energy Corporation ASA (REC) from Good
Energies Investments B.V. (GEI). At the same time, GEI sold app.
17.9% of the outstanding shares in REC to Q-Cells AG. In connection
with these transactions, Orkla issued put options in favour of
Q-Cells, and acquired certain rights with respect to Q-Cells' shares
in REC, as described in the stock exchange notice.
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Orkla and Q-Cells have today entered into an agreement to terminate
both the put options and Orkla's rights with respect to Q-Cells'
shares in REC, with immediate effect. All parties' rights and
obligations under the option agreement thereby cease to apply.
The net value of the rights and obligations at 31 December 2007 was
estimated at
 - NOK 67 million on Orkla's balance sheet.
There is no capital expenditure incumbent upon any of the parties in
connection with the termination of the agreements.
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Orkla ASA,
Oslo 14 February 2008
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Contact Orkla Investor Relations:
Rune Helland, SVP Investor Relations, Tel: +472254 4411
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