Vale Seeks to Sell Stake in Logistics Company Log-in
Stock Chart for Vale SA (VALE3)
While Vale is analyzing a possible sale of its 31 percent stake in Log-in, no decision has been made, a Vale press officer, who can’t be named under corporate policy, said by telephone from Rio de Janeiro. The plan had been reported earlier today by Sao Paulo-based newspaper Valor Economico, which cited Humberto Freitas, Vale’s executive director for logistics.
Chief Executive Officer Murilo Ferreira is selling units after the stock slumped to the lowest in three years in September amid waning demand from China and Europe. Rio-based Vale has raised $1.47 billion through asset sales this year, including a $234 million fertilizer plant sold to Petroleo Brasileiro SA (PETR4), according to data compiled by Bloomberg.
Log-in, also based in Rio, owns ships and port terminals and offers railroad transportation for containers. In November, Eton Park Capital Management LP, the hedge fund founded by Eric Mindich, cut its stake in Log-in to 2.8 percent from 8.3 percent, according to Bloomberg data and a regulatory filing by Log-in.
Log-in rose as much as 4.2 percent in Sao Paulo trading to 8.43 reais, the highest intraday since April 3. It was up 2.6 percent at 8.30 reais at 11:17 a.m. Vale climbed 0.7 percent to 40.99 reais.
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