Nordic demand allows Vale to step out from Norsk Hydro

A block trade of Norske Hydro stock was almost doubled after launch on Monday to allow Brazilian mining group Vale sell its entire 21.6% stake in the Norwegian aluminium firm. Domestic demand for the deal allowed global bookrunners DNB Nor and Morgan Stanley to increase the sale from around 11.9% of the total shares outstanding to 21.6%, making the deal a cleanup trade for Vale.