Deals
General Motors Competes for Stake in Vale’s Base Metals Unit
- Automaker is through to next round of bidding in auction
- Vale could raise more than $2 billion from stake sale
General Motors Co. Buick Velite 5 electric vehicles
Photographer: Gilles Sabrie/BloombergThis article is for subscribers only.
General Motors Co. is competing for a stake in Brazilian mining giant Vale SA’s base metals unit, people familiar with the matter said, underscoring automakers’ desire for easy access to the materials needed for electric vehicle batteries.
Detroit-based General Motors has advanced to the next round of bidding for a minority stake in the business, the people said, asking not to be identified discussing confidential information. Vale could raise more than $2 billion from a deal, according to the people.