November 29, 2011 / 1:58 AM / in 6 years

Marubeni to up stake in Canadian aluminum smelter: source

TOKYO (Reuters) - Marubeni Corp (8002.T), 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).

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

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