Alcoa and Norway’s Orkla swapping shared assets
Dec 23, 2008 | 11:19 AM
| Tom Jennemann
Alcoa Inc. and Norway-based Orkla ASA have agreed to exchange their stakes in a Norwegian smelting partnership and a Swedish extrusion joint venture in order to focus on their respective areas of expertise.
Pittsburgh-based Alcoa said that it will receive Orkla's 50-percent stake in Elkem Aluminium ANS, while Orkla will receive Alcoa's 45-percent stake in the $3.7-billion Sapa AB soft-alloy extrusion profiles business. The transaction is expected to be completed in the first quarter of 2009.....
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