Norsk Hydro claims right to Jamaican alumina plant
Wednesday, May 26, 2004
OSLO, Norway: According to Reuters, Norway's
Norsk Hydro said on Tuesday that it was sure that it is entitled to take
control of a Jamaican alumina plant, as it has right of first refusal on the
basis of a partnership agreement and its 35 percent stake.
The remarks came after Russian aluminium
group RUSAL said it would ask a US court to halt the sale of bankrupt US
Kaiser Aluminium's 65 percent of the Alpart alumina and bauxite firm to Norsk
Hydro as it aimed to buy the stake.
"According to the partnership agreement,
Hydro has right of first refusal on any change of ownership," Norsk Hydro's
spokesman Thomas Knutzen said. "We surely believe we are within our rights,"
he added.
Norsk Hydro said it would buy Kaiser's stake
for the equivalent of the $295 million plus an additional 11.2 million after
contract adjustments bid by RUSAL, and then sell the stake to international
metals trader Glencore AG.
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