Rio receives $345 million dollar offer from Hydro

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Rio Tinto (ASX:RIO) has received a $345 million dollar offer from Hydro to acquire its ISAL smelter in Iceland.

The proposed acquisition also includes an offer for Rio’s 53 per cent stake in the Aluchemie anode plant in the Netherlands and its 50 per cent share in an aluminum fluoride plant in Sweden.

Rio Tinto says they will launch a consultation process on the offer and expect to complete the sale in the second quarter of 2018

Hydro is a Norwegian aluminum and renewable energy company, and is a partner to Rio in other ventures.

Shares in Rio Tinto (ASX:RIO) closed down 0.31 per cent to $80.60 yesterday.