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Monday, December 23, 2013

Vale to sell some VLI shares to Brookfield for $842 mln, (NYSE: BAM)

Brazilian iron ore miner Vale said on Monday it agreed to sell a 26.5 percent stake in logistics company VLI SA to Canada's Brookfield Asset Management for 2 billion reais ($842.78 million).After the sale, which still needs approval from Brazilian regulatory authorities, Vale will have a 37.6 percent stake in the rail- and port-cargo unit, the company said in a securities filling.In September, Vale announced plans to sell control of VLI to Brookfield, Tokyo-based trading company Mitsui Co and Brazil's FGTS worker compensation and retirement fund in a transaction expected to be worth about 4 billion reais.The VLI unit comprises Vale's general cargo operations, or operations not directly related to the movement of Vale's own output of iron ore and other minerals.

Brookfield Asset Management Inc. (Brookfield) is a global alternative asset manager. Shares of BAM traded higher by 0.48% or $0.18/share to $37.99. In the past year, the shares have traded as low as $33.59 and as high as $40.82. On average, 658539 shares of BAM exchange hands on a given day and today's volume is recorded at 575478.