2023-06-20 10:06:34 ET
Saudi Arabia's Public Investment Fund is emerging as the leading bidder to acquire a ~10% stake in Vale's ( NYSE: VALE ) nickel and copper operations, in a deal that could be valued at ~$2.5B, Bloomberg reported Tuesday.
The wealth fund is in advanced talks with Vale ( VALE ), poised to beat out rival bidders including Japan's Mitsui ( OTCPK:MITSF ) ( OTCPK:MITSY ) and the Qatar Investment Authority, although it may take at least several weeks to hash out a formal agreement, the report said.
PIF may complete the deal through a joint venture it set up in January with Saudi Arabian state miner Maaden, according to the report.
Vale ( VALE ) hired advisers last year to assess options for the base metals business, in an environment of soaring demand for metals such as copper and nickel that are key to the global push to cleaner forms of energy.
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For further details see:
Saudi Arabia's PIF leading bidder for $2.5B Vale base metals stake - Bloomberg