Vale gets offers to sell 10% stake in base metals unit - report

Vale (NYSE:VALE) received binding offers for a 10% stake in its base metals unit worth ~$2.5B earlier this week, Brazilian newspaper Valor Economico reported Thursday, citing unnamed sources.

The binding offers likely will be analyzed by the company's board at a schedule meeting on May 25, according to the report.

Vale's (VALE) base metals business includes nickel mines in Canada and Indonesia, copper mines in Brazil, and interests in cobalt and platinum group metals.

Media reports earlier this year said General Motors, Mitsui and Saudi Arabia's Public Investment Fund were considering making offers for the 10% stake.

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