The European Commission decided to open a Phase II review of Hydro’s proposed acquisition of the Polish recycler Alumetal. A Phase II review is a customary part of the Commission’s merger review process in cases where initial concerns about a transaction’s effects cannot be excluded during the preliminary assessment stage. Hydro announced a tender offer for 100% of the shares of the Polish recycler Alumetal on 29 April 2022. In July 2022, Hydro extended the subscription period to 10 October 2022. Following the Commission’s decision to open a Phase II review, the legal condition of the public tender offer will not be fulfilled before the end of subscription period, and the tender offer will therefore expire.