Vale to sell minority MBR stake for $1.18 billion

摘要

Brazilian mining company Vale has agreed to sell a minority stake of its Mineracoes Brasileiras Reunidas iron ore production and processing unit for Real 4 billion ($1.18 billion), Vale said Thursday. Vale will sell 36.4% of its preferred shares to investment equity fund Fundo de Investimento em Participacoes Multisetorial Plus II under the agreement. FIP Plus II’s shares are held by Banco Bradesco BBI, Vale said in a statement. Vale holds, directly and indirectly, 98.3% of MBR’s total capital.