Vale completes $971 mln sale of cargo unit stake to Brookfield

Brazilian miner Vale SA has completed the sale of a 26.5 percent stake in its cargo transportation division VLI SA to Canadian alternative assets investor Brookfield Asset Management. The transaction, which was first announced in late 2013, is valued at 2 billion reais ($971 million). Vale also sold a 20 percent interest in VLI to Japan's Mitsui & Co Ltd and a 15.9 percent interest to Brazil's Fundo de a do Tempo de Serviço-FGTS. Vale will retain 37.6 percent ownership in the business, which handles cargo operations not directly related to the movement of Vale's own output of iron ore and other minerals.

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