Heat Treat Industry News

May 11, 2010

Norsk Hydro to buy Vale

Norway's Norsk Hydro ASA said Sunday it will pay $4.9 billion to buy Vale SA's aluminum business, marking the largest-ever international acquisition by a Norwegian company, according to reports. The acquisition, funded in part by a rights issue of $1.75 billion, will entail full or partial ownership of mining, alumina-refining and alumina-production facilities. Vale will receive $1.1 billion in cash and new shares in Hydro equivalent to a 22% stake. Under the terms of the agreement, Vale can't increase its stake in Hydro beyond that level and will need to hold the shares for at least two years.

Source: MarketWatch - Chris Oliver

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