Vale SA said on Wednesday that it had planned to sell control of its VLI SA general rail and port cargo unit to Brazilian, Japanese and Canadian investors. The transaction was valued BRL4 billion.

The plan stated that Tokyo-based trading firm Mitsui Co. would pay BRL1.51 billion for 20% of VLI. Meanwhile, Brazil's FGTS retirement and worker compensation fund would pay BRL1.2 billion for 15.9% of the mining company. Furthermore, Canada's Brookfield Asset Management Inc. had been in exclusive talks to acquire around 26% of VLI. This was according to statement issued by Vale.

The Mitsui and FGTS sales would cut Vale's share in VLI to 64.1%, said Vale. Based on the mining company's figures, Brookfield stake would decrease Vale's share to 38.1%. Chief Executive Officer Murilo Ferreira told reporters in Brasilia that the Brookfield stake would have a similar value to the Mitsui and FGTS shares. Ferreira did not disclose the price for the Brookfield stake.