Saudi Arabia’s PIF Leads Bidding for $2.5 Billion Vale Base Metals Stake
- Saudi wealth fund is front-runner for 10% holding in Vale unit
- PIF poised to beat out rival bidders including Mitsui, QIA
A nickel mining site operated by PT Vale Indonesia Tbk in Sorowako, South Sulawesi, Indonesia.
Photographer: Dimas Ardian/BloombergThis article is for subscribers only.
Saudi Arabia’s Public Investment Fund is emerging as the leading bidder to acquire a stake in Vale SA’s multibillion-dollar nickel and copper operations, people with knowledge of the matter said.
PIF is in advanced discussions with the Brazilian miner about a deal for a roughly 10% holding in its base metals unit, according to the people, who asked not to be identified discussing confidential information. The stake could be valued at around $2.5 billion, they said.