Brazil mining giant Vale to auction Log-In Logistica stake, Fosbrasil capital
Brazilian mining firm Vale announced today that it will auction its shares in logistics company Log-In Logistica International. The mining giant also said it will sell its capital in purified phosphoric acid producer Fosbrasil, according to Industry Week.
In a statement, Vale said the two deals were in line with its efforts to maximize shareholder returns by streamlining its operations. The top iron ore producer also said it would exit from its 31.3% stake in Log-In with an initial price of $3.40 per share. The economic daily Valor said the company could rake in almost $100 million from the sale, the report detailed.
In addition, Vale also announced the disposal of its 44.25% stake in Fosbrasil. The said stake will be sold to Israel Chemicals Ltd in a $52-million deal. According to Vale, this transaction aimed to prioritize world-class strategic asset investments, the report stated.
This year, Vale sold $5 billion worth of assets including its $1.6-billion stake in Norway's aluminum producer Norsk Hydro last month. In the previous week, Vale also auctioned its Norte Energia stake for $100 million, Industry Week reported.