Vale to Sell Up to 12% Stake in Norsk Hydro Valued at $1 Billion
Vale SA (VALE:US), the Brazilian iron-ore producer seeking asset divestments to cut costs and boost profit, will sell as much as an 12 percent stake in aluminum-maker Norsk Hydro ASA (NHY) valued at about $1 billion.
Vale will sell as many as 224 million shares in Oslo-based Hydro in an offering and as many as 22.4 million additional shares via an over-allotment option, it said in a regulatory filing today. The Rio de Janeiro-based miner agreed not to sell any more Hydro shares for 180 days after the transaction.
Read more at: http://www.businessweek.com/news/2013-11-11/vale-to-sell-up-to-12-percent-stake-in-norsk-hydro-valued-at-1-billion
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