Brazil’s Vale SA (VALE) announced that it is considering the sale of a minority stake in its base metals unit in an IPO carve-out, as it looks to raise funds for key projects in the midst of sliding commodity prices. Chief Executive Murilo Ferreira said that Vale may sell 30-40% of the division, which some analysts value at $28-35 billion. The company will decide whether to go ahead with the carve-out by August 2015. It is likely to first be listed in Toronto. Source: Reuters (via CNBC)
Carve-out
