BNDES sales more Vale stocks and pockets R$2.5bn

The Brazilian Development Bank (BNDES) sold Monday 40 million Vale shares in a block operation on the stock exchange that totaled R$2.54 billion. Morgan Stanley was the main bank in the purchase, according to sources close to the transaction. Even after the sale, BNDES still has around 2.32% of the mining company’s total capital. Valor found out that BNDES still has 121 million Vale shares. This number includes 117 million shares that were part of the shareholders’ agreement between the members of the mining company’s control block and another 4 million shares that were not linked to the agreement. The agreement expired on the 9th of this month and the shares linked to the document were free for sale, but the BNDES has not yet disposed of them.

Source: Valor International