BNDES sells more Vale shares

BNDES sells more Vale shares

Corporate & Sovereign Strategy Capital Markets Equity Economy & Policy Brazil Latin America

Brazilian development bank BNDES said Tuesday that it earned BRL2.5 billion ($469 million) from the sale of 40 million shares in the mining company Vale through a block trade on the B3 stock exchange in São Paulo. The bank's investment division, BNDESPar, sold the shares for BRL63.62 each with Bradesco BBI and Morgan Stanley in charge of the deal, according to a securities filing. BNDESPar now owns 118 million shares in Vale, the bank said in the filing. BNDESPar earned BRL8.1 billion from the s

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