Brazilian mining giant Vale's plan to sell a stake in its base metals unit through a Toronto Stock Exchange listing could lead to the biggest IPO in Canadian history and a windfall in fees on Bay Street. Vale confirmed a Reuters report about the potential sale this week, putting the size of the stake at 30 to 40 percent. It said the unit may be worth $30 billion to $35 billion, including the assumption of debt. The IPO could take place in the latter half of 2015, if market conditions allowed.The IPO could raise $5 billion to $8 billion, making it the biggest in Canadian history, eclipsing Manulife Financial's record $2.12 billion flotation in 1999, according to Thomson Reuters data.That could generate between $100 million to $250 million in underwriting, legal and accounting fees, said a top securities lawyer at a large Toronto firm."I'm absolutely sure there's lots of lawyers and bankers on Bay Street brushing up their Portuguese skills right now," said the lawyer, who asked not to be identified because his firm is one of several lobbying for a piece of the action.
Thomson Reuters Corporation (Thomson Reuters) is a provider of information for the world?s businesses and professionals. Shares of TRI fell by 0.13% or $-0.05/share to $39.91. In the past year, the shares have traded as low as $33.21 and as high as $40.66. On average, 759369 shares of TRI exchange hands on a given day and today's volume is recorded at 303094.
Thomson Reuters Corporation (Thomson Reuters) is a provider of information for the world?s businesses and professionals. Shares of TRI remained unchanged at $45.42. In the past year, the shares have traded as low as $36.86 and as high as $46.50. On average, 719564 shares of TRI.TO exchange hands on a given day and today's volume is recorded at 308125.
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