Brazilian development bank BNDES has sold all its remaining shares at Vale, an expected move previously reported by SteelOrbis.
The bank had already sold most of the shares it owned at the mining company, but it still had about 3.57 percent of Vale’s shares. The bank said it sold the remaining shares and as of February 22 it no longer holds any stake at Vale.
The bank did not disclose the value of the shares it sold. The bank has been disinvesting for a while, and it had been a shareholder at Vale since its privatization in 1997. Before 1997, Vale was a state-run company.