Norsk Hydro Spends $4.9bn on Brazil Aluminum Business

Norsk Hydro, the Oslo-based aluminum producer, bought $4.9bn worth of bauxite, alumina and aluminum assets from Vale, Brazil’s mining company.

Vale sold the assets for $1.1 billion in cash, a 22% stake in Norsk Hydro, which assumed $700mn of net debt.

The deal entails Paragominas and majority stakes in Alunorte, Albras and CAP.

The contract was signed by Svein Richard Brandtzæg, President and CEO of Norsk Hydro, and Tito Martins and Pedro Rodrigues of Vale.

As a result of this transaction, Hydro named Johnny Undeli head of a new area to handle the bauxite and alumina business.

This article is available in Portuguese here.

Tags: Albras, Alunorte, CAP, Johnny Undeli, Norsk Hydro, Paragominas, Pedro Rodrigues, Svein Richard Brandtzæg, Tito Martins, Vale