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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Photos Sitemap Norsk Hydro to buy Vale's aluminium assets AFP - Monday, May 3 Send IM Story Print Undated handout picture released by Brazilian mining company Vale showing the ore transportation belt in the Carajas mine, Para state, northern Brazil. Norwegian aluminium producer Norsk Hydro said on Sunday it would buy the aluminium assets of Brazilian mining giant Vale for 4.9 billion dollars (3.7 billion euros), in the biggest acquisition abroad by a Norwegian company. OSLO (AFP) - – Norwegian aluminium producer Norsk Hydro said on Sunday it would buy the aluminium assets of Brazilian mining giant Vale for 4.9 billion dollars (3.7 billion euros), in the biggest acquisition abroad by a Norwegian company. Under the deal, Vale will get 1.1 billion dollars in cash and 3.1 billion dollars in new Hydro Norsk shares, while the Norwegian company will absorb 700 million dollars of Vale debt. The agreement will leave Vale owning a 22 percent stake in Norsk Hydro, making the Brazilian company Norsk Hydro's second biggest shareholder after the Norwegian government. Norsk Hydro will acquire Vale's 51 percent share in the Albras aluminium plant, the Brazilian company's 57 percent share in the Alunorte refinery and its 60 percent stake the Paragominas bauxite mine. Alunorte is the world's biggest aluminium refinery and Paragominas is the third largest bauxite mine. With Paragominas, Norsk Hydro will have enough reserves of bauxite, an ore from which aluminium is produced, to maintain its current production level for around 100 years, the company said in a statement. The transaction will make Norsk Hydro "present in the entire chain" of production, board president Terje Vareberg told a press conference. The deal is expected to be completed in the fourth quarter and must be approved by competition regulators. To finance the operation, which represents more than half of Norsk Hydro's stock value, the company will seek to increase its capital in order to raise 10 billion Norwegian kroner (1.75 billion dollars). The Norwegian government will support the transaction by lowering its stake to 34.5 percent from 43.8 percent before raising it again. "It is important for the state to remain a big, long-term shareholder of Norsk Hydro," Commerce and Industry Minister Trond Giske said in a statement, adding that the government would raise its stake back toward 40 percent. Norsk Hydro reported on Tuesday that it was back in the green in the first quarter with a net profit of 869 million kroner after the global economic crisis hit the construction and auto sectors. Recommend Send IM Story Print News Search Top Stories 'Trust' lacking in stalled climate talks: Merkel, Calderon Norsk Hydro to buy Vale's aluminium assets Higgins's snooker future in question over match-fixing claims Obama to visit scene of US oil spill Spain reverses rise in unemployment: report More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Obama jokes about his ratings and nationality Shroud of Turin 'mirrors' human suffering: pope Greece agrees painful cuts in return for bailout New York police foil Times Square car bombing Spain reverses rise in unemployment: report More Most Viewed » Aliens may exist but contact would hurt: Hawking Apple engineer loses iPhone prototype French driving veil row escalates Airlines want compensation as Europe's skies reopen More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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