Brazilian development bank BNDES has reportedly sold $1.5 billion in stocks it owned from miner and iron ore producer Vale, a media report from Reuters said. As a result, BNDES reduced its share at Vale from 6.3 percent to 3.7 percent.
BNDES has been divesting shares at companies as part of Brazil’s efforts to reduce government stakes in companies, the media report noted.
Most of Vale’s shareholders are minority shareholders, according to data available at the company’s website. Minority shareholders account for 70.8 percent of all Vale shares.