Aluminum Investing News » Norsk Hydro Buys Out Vale Aluminum Giant for $4.9 Billion

Norsk Hydro Buys Out Vale Aluminum Giant for $4.9 Billion

May 7, 2010 @ 2:29 am In Aluminum Company News

Norsk confirmed on Sunday that it will buy out Brazilian mining giant's $4.9 billion aluminum assets. Vale will get 3.1 billion dollars in new Hydro Norsk shares and $1.1 billion cash from Norsk so this means 22 percent of Norsk Hydro shares will belong to Vale.

Commerce and Industry Minister Trond Giske said in a statement, "it is important for the state to remain a big, long-term shareholder of Norsk Hydro."

Click here to access the entire Press Release ^[1]

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[1] Click here to access the entire Press Release: http://uk.news.yahoo.com/18/20100502/tbs-norsk-hydro-to-buy-vale-s-aluminium-5268574.html