Brazilian miner and iron ore producer Vale sold 8 percent of logistics company VLI, which operates railways including several that transport iron ore, to Brazilian development bank BNDES, the company said.
The state-run bank will pay BRL 1.22 billion ($238.6 million) for an 8 percent stake in the VLI business. The transaction should be completed by Q1 2021.
As a result of the transaction, Vale will now own 29.6 percent of VLI’s total stocks.