Vale Cutting Aluminum Stake

Vale Cutting Aluminum Stake

Brazil Europe Equity

Vale is preparing to sell a stake of as much as 12% in Norwegian aluminum producer Norsk Hydro, it says, which could fetch more than $1bn. Vale is selling up to 246m shares, including an overallotment option, through an accelerated bookbuilding process launched Monday. The block of shares would be worth NOK6.63bn ($1.08bn) at Monday’s NOK26.96 closing price. Morgan Stanley and DNB are slated to manage the transaction, according to a person familiar with it. The sale could take Vale’s stake in No

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