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Norway and Brazil team up on aluminum

5/2/2010

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A few hours ago the aluminum producer Hydro, Norway's second-largest company, announced it will pay Vale S.A. about $5 billion in cash and stock for majority ownership of a vast bauxite mine and refinery in Brazil, ensuring Hydro access to raw materials for 100 years. Hydro is a Norwegian "champion," meaning it's largest single shareholder is the state, but the complex share transaction will reduce the state's power -- at least somewhat. Hydro got its start generating electricity from Norway's countless waterfalls and rivers.
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