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Norsk Hydro ends talks for Vale's 40% stake in MRN

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Norsk Hydro ends talks for Vale's 40% stake in MRN

Norsk HydroASA and ValeSA have terminated negotiations for the sale of Vale's 40% stake inMineração Rio do Norte, or MRN — a bauxite producer in Brazil, according to a May10 release.

In October 2015, the companies entered into a letter ofintent for the potential transaction, but could not agree on commercial terms.

Norsk Hydro will continue to own 5% of MRN, as well as toacquire bauxite under commercial deals struck in 2011.

In 2011, Norsk Hydro also acquired other Brazilian assetsfrom Vale, including a 57% interest in the Alunorte alumina refinery, the bauxite mine, a 51%stake in the Albras smelter, as well as a 61% stake in the alumina refineryproject.