Hydro-Vale agreement granted Norwegian hydropower concession
The Norwegian Ministry of Petroleum and Energy approved on Wednesday Brazilian Vale’s planned takeover of 22 percent of the shares in Hydro, as part of the agreement under which Hydro buys Vale’s aluminum assets. The concession is unconditional.
Vale’s takeover of shares in Hydro triggered the need for a license according to Norwegian industrial concession law, as Hydro is a power producer with waterfall rights in Norway. The Ministry approval is in line with the conditions for the agreement.
The transaction remains subject to customary approvals in Brazil and is expected to close in the fourth quarter this year.