Icahn Enterprises to Sell Ferrous Resources to Vale Unit

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12/05/2018 | 11:27 pm
Carl Icahn

By Josh Beckerman

Carl Icahn's Icahn Enterprises LP has agreed to sell Brazilian iron ore company Ferrous Resources Ltd. to a Vale SA unit in a deal with an enterprise value of about $550 million.

Icahn Enterprises purchased an interest in Ferrous in 2012, and then acquired its controlling interest in 2015.

"Even under challenging circumstances created by volatile commodity markets over the past several years, we deployed our activist modus operandi and guided the company through turbulent times," Mr. Icahn said in a statement.

Write to Josh Beckerman at josh.beckerman@wsj.com

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