September 14, 2018 / 12:28 PM / a year ago

Norway's Hydro drops plan to buy Rio Tinto assets

Sept 14 (Reuters) - Rio Tinto said on Friday that Norway’s Hydro had dropped plans to buy several of the miner’s assets, including an aluminium plant in Iceland for $345 million.

In February, Hydro made an offer to buy the aluminium plant, as well as a 53 percent stake in a Dutch anode facility and 50 percent of the shares in a Swedish aluminium fluoride plant, as part of its efforts to make its output as green as possible and bolster its position in Europe.

Hydro said in a separate statement it had dropped plans to buy the assets because approval from European Commission competition regulators was taking longer than anticipated. (Reporting by Justin George Varghese in Bengaluru; Editing by Mark Potter)

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