Norway and Brazil team up on aluminum

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.