Brazilian miner Vale has announced that it has concluded the transaction announced in September 2013, transferring 20 percent of the total capital of its logistics division Valor da Logistica Integrada (VLI) to Japan-based Mitsui & Co., Ltd. (Mitsui) for R$1.5 billion ($673.4 million) and 15.9 percent to the investment fund of the Fundo de Garantia do Tempo de Serviço - FGTS, whose assets are managed by the Brazilian bank Caixa Econômica Federal, for R$1.2 billion ($583.7 million).
As SteelOrbis previously reported, in December 2013 Vale also entered into an agreement with an investment fund managed by Brookfield Asset Management for the sale of 26.5 percent of Vale's stake in VLI for R$2 billion ($898.1 million) to be paid directly to Vale, which is still subject to conditions precedent. Upon completion of this transaction, Vale will hold 37.6 percent of VLI's total share capital.