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
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