VALE stock was trading at $14.69 as of 01:37 PM EDT.
After FT claimed the company was considering selling a share in its metals division, Vale ( NYSE:VALE ) announced Wednesday that it has recruited experts to evaluate “long-term value-unlocking alternatives.” According to FT , Vale ( NYSE:VALE ) is trying to increase the output of copper and nickel to satisfy the rising demand for the energy transition. As a result, it is in talks to sell a $2.5 billion minority stake in its metals division.
The Vale ( NYSE:VALE ) asset is being looked at by trading firms in Japan, sovereign wealth funds in the Middle East, and auto manufacturing firms. The first round of bids is due at the beginning of November, according to the report.
Vale ( NYSE:VALE ) is best known for its iron ore operations , but it also has a sizable base metals business and is the largest nickel miner outside of Asia; the company is reportedly in talks about selling a 10%-15% share in the base metals section, a business that is probably worth at around $25 billion. Early trade saw Vale stock ( NYSE:VALE ) up 1.5%, while rival global miners BHP and Rio Tinto opened lower as copper and other base metal prices gave up some of their recent gains.
VALE Stock and Future Outlook
As its <...
Click here to read the full article on PressReach.com .Subscribe to the PressReach RSS feeds:
- Featured News RSS feed
- Investing News RSS feed
- Daily Press Releases RSS feed
- Trading Tips RSS feed
- Investing Videos RSS feed
Follow PressReach on Twitter
Subscribe to us on Youtube
PressReach Disclaimer .