(Reuters) – Saudi Arabia’s Public Investment Fund (PIF) is emerging as the leading bidder to acquire a $2.5 billion stake in Brazilian miner Vale’s (VALE3.SA) nickel and copper operations, Bloomberg News reported on Tuesday.
PIF might do the deal for a roughly 10% stake through a joint venture it set up in January with Saudi Arabian state miner Maaden, the report said, citing people with knowledge of the matter.
The wealth fund is poised to beat out rival bidders including Japan’s Mitsui & Co (8031.T) and the Qatar Investment Authority, the report said, adding that it may take at least several weeks to reach a formal agreement.
Vale in May had received binding offers for a stake in its base metal unit, local newspaper Valor Economico had reported.
Earlier this year, the miner had said it expected an advance in its efforts to sell its stake to come in the first half of this year.
PIF declined to comment, while Vale did not immediately respond to Reuters’ request for a comment.
