BRASILIA Dec 23 Brazilian iron ore miner Vale
said on Monday it agreed to sell a 26.5 percent stake
in logistics company VLI SA to Canada's Brookfield Asset
Management for 2 billion reais ($842.78 million).
After the sale, which still needs approval from Brazilian
regulatory authorities, Vale will have a 37.6 percent stake in
the rail- and port-cargo unit, the company said in a securities
In September, Vale announced plans to sell control of VLI to
Brookfield, Tokyo-based trading company Mitsui Co and
Brazil's FGTS worker compensation and retirement fund in a
transaction expected to be worth about 4 billion reais.
The VLI unit comprises Vale's general cargo operations, or
operations not directly related to the movement of Vale's own
output of iron ore and other minerals.
The sale will free Vale from some of the burden of keeping
and expanding non-core freight operations, which the government
had pushed the company to assume in recent years.
The company said the sale is part of its strategy to divest
in non-core assets.