RIO DE JANEIRO, Oct 22 (Reuters) - Brazilian pension fund Previ, one of Vale SA’s largest shareholders, will not sell part of its stake before the end of the year, its chief executive officer said on Monday.
Speaking on the sidelines of a conference in Rio de Janeiro, Jose Mauricio Coelho said the fund intends to reduce its stake in the miner over the medium-term. Previ changed the way it accounts for the stake in its financial statements, marking Vale shares at their market value.
The miner’s shares have risen 80 percent over the last 12 months. (Reporting by Carolina Mandl Editing by Chizu Nomiyama)