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Herein, we report cobalt‐catalyzed hydrogenation and deuteration reactions of bicyclic alkenes using H2O and D2O as the sole hydrogen and deuterium sources, respectively, employing Zn or Mn as a metal reductant. Lewis‐acid co‐catalysts were found to promote the reaction whilst simultaneously catalyzing transesterification processes. Use of 1 atm of H2 allows for catalytic loading of the metal reductant...