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Vale SA Sells Entire Stake in Norsk Hydro ASA


Thursday, 14 Nov 2013 02:15am EST 

Norsk Hydro ASA announced that in connection with Vale's sale of ordinary shares of Norsk Hydro ASA (Hydro), through its wholly owned subsidiary Vale International Holdings GmbH, the over-allotment option of 40,712,224 Hydro shares granted by Vale was exercised in full at a price of NOK 25.00. Therefore, the gross cash proceeds from the offering will increase to NOK 11.196 billion, equivalent to approximately USD 1.822 billion. Settlement of the previously announced base offering and the over- allotment option is expected to take place on November 15, 2013. As a result of and following the exercise of the over- allotment option, no stabilization activities will be undertaken and Vale will not hold any shares in Hydro. The sale of Hydro shares is consistent with Vale's strategy of reducing its exposure to non-core assets. Vale currently has a representative on the board of directors of Hydro. 

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18 Dec 2014