Vale sheds more assets: No longer majority share holder of logistics company VLI
Brazil's mining giant Vale has sold an additional 26.5% of its stake in VLI SA, a logistics company, bringing its stake in the firm to 37.6% and concluding several months of negotiations.
An investment fund managed by Brookfield Asset Management has purchased the shares for about $850 million (R$2 billion).
In September Vale arranged to sell 20% of the total capital of VLI to Japan's Mistui & Co for R$1.5 billion and another 15% to an FGTS, an investment fund managed by the Brazilian bank Caixa Econômica Federal, for R$1.2 billion.
Vale, like many miners, is shedding its non-core assets in order to reduce expenditures.
"This strategy is a result of the discipline in capital allocation and value maximization for shareholders," the company said in a news release.
Earlier this week the firm sold its 90% stake in Chilean copper miner Minera Tres Valles for an estimated $25 million.
VLI is a rail-based logistics operator serving the main agricultural and industrial regions of Brazil.