After paying almost US$20 billion for Inco in 2006, Vale (NYSE: VALE) says it may sell a portion of its base metals division to unlock value.
Chief executive officer Murilo Ferreira disclosed at an Investor Day presentation in New York yesterday that the company is considering the IPO of a minority stake in the company’s base metal division “if appropriate market conditions are satisfied.” But Ferreira emphasized that he is “not considering to sell a minority stake through an IPO at any price” and that it would have to be “a fair price.”
In a press conference following Vale’s presentations, Ferreira said the idea for the IPO had to do with the fact that the company does “not agree with the base metal evaluations” and believes “there is hidden value there [and] that this value needs to be better expressed.”
Read the complete article at NorthernMiner.com/news/vale-may-sell
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