Vale Sells Stake in Norsk Hydro

Vale Sells Stake in Norsk Hydro

The sale price was $1.64 billion.

OSLO -- Brazil's mining giant Vale (IW 1000/91) sold practically all its shares (19.6% of 21.6%) in Norway's aluminum producer Norsk Hydro (IW 1000/401), the Norwegian company said Tuesday.

The 10.18 billion kroner transaction (US $1.64 billion) saw 407.1 million shares landing in the hands of various investors who paid 25 kroner per share, a price below market value.

Vale received its 22% share in the Norwegian firm in 2011, when Norsk Hydro bought the Brazilian's aluminum and bauxite assets for $4.9 billion in cash and shares.

Vale agreed to keep its stake in Norsk Hydro for at least two years, but did not hide its intentions to sell it afterwards

Copyright Agence France-Presse, 2013

TAGS: Finance
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