Vale to Trim Logistics Stake

Vale to Trim Logistics Stake

Brazil M&A

Brazil's Vale is to raise BRL2.71bn ($1.24bn) after agreeing to sell 36% of its VLI cargo operations, and is in talks to sell another 26%, it says. The miner has agreed to sell 20% of VLI to Mitsui for BRL1.51bn and 15.9% to a Caixa Economica Federal-managed fund for BRL1.2bn. A sale of another 26% to Brookfield Asset Management's Brookfield Brasil may be on the way. Of the Mitsui and FI-FGTS sales, BRL2bn will go as cash contribution to VLI to be turned into new shares for Mitsui and FI-FGTS, a

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