Vale Said to Hire Citigroup, Scotiabank for Oil Assets Sale
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Vale SA, the world’s largest iron-ore producer, hired Bank of Nova Scotia and Citigroup Inc. to sell its oil and natural gas assets in Brazil as it focuses on metals production, according to three people familiar with the matter.
The Rio de Janeiro-based company’s stakes in the oil fields, located both within Brazil and offshore, may be worth as much as $1 billion, said one of the people, who asked not to be identified because the negotiations are private.