RIO DE JANEIRO, BRAZIL - Close to completing 24 years of privatization, Vale is on its way to closing 2021 with less public sector participation in its equity. The trend is driven by the National Bank for Economic and Social Development (BNDES), which sold more than R$10 (US$1.8) billion worth of the mining company's shares in 2020 and may soon say goodbye to the company.
The market expects that Previ, a pension fund for Banco do Brasil employees, will also sell part of its equity holdings. The shift in Vale's shareholder profile occurs after the end . . .