Noranda's majority owner to sell shares

Franklin-based Noranda Aluminum has filed with the SEC to sell up to $350 million of shares and/or debt instruments.

The company's shelf filing also includes notice that its main shareholder, private-equity firm Apollo Management, will from time to time sell chunks of its holdings. Apollo, which acquired Noranda in May of 2007, still owns about two-thirds of the company.

Shares of Noranda (Ticker: NOR) are down about 3 percent this morning.