Vale close to deal to divest 10% of base metals business, WSJ reports

Vale is nearing a deal to sell a 10% stake in its $25B base metals unit to Saudi Arabia’s sovereign-wealth fund and a Saudi mining company, The Wall Street Journal’s Julie Steinberg, Ben Dummett, and Summer Said report. According to people familiar with the matter, Saudi Arabia’s sovereign-wealth vehicle, the Public Investment Fund, and state-owned mining company Ma’aden, would pay $2.5B for the roughly 10% stake, and a deal could be announced as soon as this week.