RIO DE JANEIRO, April 15 (Reuters) - Brazil’s Vale SA reiterated on Friday it is looking for a partner in the fertilizer sector, responding to a Reuters report that the miner is preparing a joint bid with U.S. private equity firm Apollo for Anglo American’s niobium and phosphates business in Brazil.
The world’s largest producer of iron ore said in a securities filing it “continues to work to form a strategic partnership in fertilizers, with the aim of divesting and raising cash.” It did not give further details.
Vale has previously said it is seeking partners for its fertilizer business, but has not stated this could involve purchasing new assets as part of that strategy.
The company has said it is seeking to sell about $10 billion of assets to help insulate against further falls in iron ore and nickel prices, after it announced its biggest loss in decades in February.
Reporting by Stephen Eisenhammer; Editing by Andrew Hay