Here's Why Shares of Vale S.A. Popped 9% in November
Extending the 28% climb they experienced through the first 10 months of the year, shares of Vale S.A. (NYSE: VALE) rose 9% in November, according to S&P Global Market Intelligence. Besides celebrating the company's execution of its strategy to divest non-core assets, investors responded to several upgrades of Vale's stock from the Street.
Delighting investors, Vale announced in mid-November its intent to sell its subsidiary, Cubatao Fertilizantes, which currently owns and operates the company's nitrogen and phosphate assets located in Cubatao, Brazil. The transaction, which will provide Vale with $255 million in cash at closing, is expected to close in the second half of 2018. Besides Cubatao, Vale has its eye on selling off several other assets: Biopalma and Eagle Downs. The company intends to divest the two assets over the next two years and values the transactions, combined, at approximately $750 million.
Image source: Getty Images.
Source: Fool.com
Vale S.A. ADR Aktie
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