Vale S.A. has announced that it has entered into a quota purchase agreement with Yara International ASA to sell its fully owned subsidiary Vale Cubatão Fertilizantes Ltda.
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The subsidiary currently owns and operates the nitrogen and phosphate assets located in Cubatão, Brazil.
The purchase price is US$255 million to be paid in cash upon the closing of the transaction contemplated by the purchase agreement, which is expected to occur in 2H18. Consummation of the transaction is subject to the satisfaction of a number of conditions precedent, including the approval of the Brazilian anti-trust authority (CADE) and other authorities and a third party’s determination not to exercise, or to waive, by the end 2017, its right of first refusal on the same terms and conditions as proposed by Yara.