Tom Reller has posted "Elsevier's response to The Directorate for ICT and Shared Services in Higher Education and Research (UNIT)'s Decision to Not Renew Their Agreement with Elsevier" to LIBLICENSE-L.
Here's an excerpt:
While Elsevier is working hard to accommodate the desire of some for an author-pays-to-publish (open access) world, the reality is that current author choices mean that 85 percent of journal articles globally are published under the reader-pays (subscription) model, where authors publish for free. It’s possible to come up with a negotiated agreement at reasonable costs, and Elsevier offered Norway multiple low-cost options for a rapid transition to gold open access publishing, but open access is a service that has to be funded in some form. Norway is essentially asking to receive two services for the price of one.