Vale Subsidiary in $1.8 Billion Accelerated Bookbuilt Offering of Shares of Norsk Hydro ASA

November 15, 2013

Cleary Gottlieb represented Morgan Stanley and DNB Markets in their capacity as joint bookrunners in connection with the sale by Vale S.A., through a wholly-owned subsidiary, of shares in Norsk Hydro ASA.

Vale sold a total of 447,834,465 shares in Norsk Hydro after the overallotment option was exercised, representing 21.6% of Norsk Hydro’s share capital, at a price of NOK 25 per share, resulting in gross cash proceeds of NOK 11.2 billion, or approximately US$1.8 billion. The offering closed on November 15.

Vale, the largest diversified mining company in the Americas by market capitalization and one of Brazil’s largest companies, is the world’s largest producer and exporter of iron ore and pellets. Vale also produces other metals and minerals, operates several major Brazilian railways and ports and has significant holdings in the Brazilian steel and energy sectors.

Norsk Hydro, based in Norway, is a global aluminum company with production, sales and trading activities throughout the value chain, from bauxite, alumina and energy generation to the production of primary aluminum and rolled products as well as recycling.