Vale to Sell Stake in Oil Asset
Vale announced in an official press release that it will divest one of its oil assets, a stake in an offshore oil block. The company has 25% of a concession located off the Southeastern coast of its home country of Brazil. This is to be sold to an arm of Norwegian oil and gas major Statoil for $40 million in cash.
Additionally, the Financial Times is reporting today that Vale confirmed it is considering a sale of its 31% stake in local shipping concern Log-In Logistica Intermodal. According to the FT, that stake is worth 217 million reals ($105 million).
The article Vale to Sell Stake in Oil Asset originally appeared on Fool.com.Eric Volkman has no positions in the stocks mentioned above. The Motley Fool has no positions in the stocks mentioned above. Motley Fool newsletter services recommend Statoil (ADR). Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.