Brazil's Yara to sell Fosfertil stake to Vale

Yara Brasil Fertilizantes had agreed to sell its 15.5% stake in Fosfertil to Brazilian mining giant Vale SA.

Vale will pay US$785 million for the stake, further consolidating the miner's move toward becoming a global fertiliser player.

The world's largest producer and exporter of iron ore moved into the elite of global fertiliser producers Wednesday (Jan 27), buying Bunge's upstream assets for US$3.8 billion.

The deal included a 42.3% stake in Fosfertil.