Marubeni to up stake in Canadian aluminum smelter: source

Mon Nov 28, 2011 8:54pm EST
 
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TOKYO (Reuters) - Marubeni Corp (8002.T: Quote), Japan's fifth-biggest trading house, plans to raise its stake in Canada's Aluminerie Alouette to 13.33 percent from the current 6.67 percent, a source familiar with the matter said.

Business daily the Nikkei reported earlier that Marubeni plans to spend 14 billion yen ($179.21 million) to buy additional shares of the Quebec-based aluminum producer, which is 40 percent-owned by Rio Tinto Alcan of Canada and 20 percent-owned by Norway's Norsk Hydro (NHY.OL: Quote).

Marubeni said it will make an announcement on an additional stake purchase in the smelter at 0200 GMT.

(Reporting by Yuko Inoue; Editing by Chris Gallagher)