Vale SA had sold its remaining interest in aluminum-maker Norsk Hydro ASA. The biggest iron ore exporter in the world had sold its 21.6% ownership stake in the Norwegian company for USD1.82 billion after the option for an over-allotment was exercised, said Vale today in a statement. Vale said it had increased its share offer from 224 million shares after a book-building process was conducted earlier. Vale had announced its divestment of the bulk of its 21.6% stake in Norsk Hydro earlier on Tuesday.

The transaction involved Vale 40.7 additional Hydro shares for DKK25 or USD4.04 per share, said Vale, who is based in Rio de Janeiro, Brazil. Vale sold 407.1 million shares in the Oslo-based company earlier on November 12. Gross proceeds received from the offer were DKK11.2 billion in cash, which is equivalent to around USD1.82 billion, said Vale.

Norsk Hydro is considered one of the biggest aluminium companies in the world. Since its establishment in 1905, the firm grew into a wordlwide operation spanning 50 countries all over the world.

Vale had been shedding some of its assets and had put projects on hold. It had also began to focus more on its profitable business, which is in iron ore. These moves were reportedly Vale's attempt to recover its profit margins after prices of commodity had fallen.

Some of the divestments Vale made were its cargo unit, of which it sold in September for BRL2.7 billion or USD1.2 billion to Mitsui & Co of Japan. Vale also sold its interest in a Brazilian government fund after recording USD1.47 billion in sales of assets in 2012 that included a sale of 10 large vessels and a coal mind.

Morgan Stanley and DNB Markets were tapped as the joint global coordinators of the share offering, Vale disclosed. The Brazilian company expected to finalize its share offering tomorrow.