Vale board rumoured to approve today sale of 66% stake in Vale Fertilizantes to Mosaic for USD 3bn
The board of Brazilian mining company Vale will approve today the sale of 66% of its fertilizer unit, Vale Fertilizantes, toMosaic for USD 3bn, a Brazilian journalist Lauro Jardim wrote in his blog, without citing any source. The blogpost was published on the website of local newspaper O Globo.
Vale decided to divide the sale of its fertilizer unit in two in order to get a better total value for the deal, the Portuguese-language article noted. The company is in negotiations to sell a minority stake in the chemicals business of the unit for USD 1bn. However, this deal will not be announced on 21 September, the item added.
The item did not provide any other information on the deal.
As previously reported, US-based Mosaic hired JPMorgan as advisor for this deal.