Navigate this market better. Subscribe for FREE stock alerts and information.

Tuesday, December 2, 2014

RPT-Brazil's Vale says mulling spinoff of base metals unit stake, (NYSE: VALE)

Brazil's Vale SA said on Thursday it is considering the sale of a minority stake in its base metals unit in an initial public offering, as it looks to raise funds for key projects in the midst of sliding commodity prices.Chief Executive Murilo Ferreira told investors in New York that Vale is considering selling 30 percent to 40 percent of the division, which some analysts have valued at between $28 billion and $35 billion.Ferreira said the company was in discussions with investors and that if the IPO went ahead it would likely first be listed in Toronto, confirming a Reuters story published late Monday.Ferreira said the IPO would only happen if market conditions were "satisfied," and would not be sold at "any price." Vale will decide whether to go ahead with the IPO by August 2015.

Vale SA (Vale) is a Brazil-based metals and mining company. Shares of VALE fell by 4.47% or $-0.3901/share to $8.34. In the past year, the shares have traded as low as $8.40 and as high as $15.59. On average, 28080500 shares of VALE exchange hands on a given day and today's volume is recorded at 34736872.



Source