PIF, Mitsui eye stake in Vale’s base metals business
Saudi Arabia’s Public Investment Fund and Japanese trading house Mitsui & Co. are considering bids for a minority stake in Vale’s nickel and copper operations, people with knowledge of the matter said.
Canada Pension Plan Investment Board, Ontario Teachers’ Pension Plan Board, Mubadala Investment Co. and Qatar Investment Authority are also weighing offers for a stake in the base metal unit, according to the people. Vale is seeking to raise more than $2-billion from the deal, the people said, asking not to be identified because the information is private.