Norsk Hydro inks deal with Vale to lift MRN ownership to 45%

Primary aluminium producer Norsk Hydro has settled a deal with Brazilian mining company Vale to possibly buy Vale's 40% interest in Brazilian bauxite producer Mineração Rio do Norte (MRN), which would strengthen Hydro's global position as a long-term player in bauxite and alumina. The Norwegian firm on Friday said an eventual agreement would depend on the parties agreeing terms for Hydro to acquire Vale's 40% interest in MRN, completion of Hydro's due diligence process, approval by the parties' boards and by the relevant competition authorities.