CVRD to sell cellulose and paper assets

Companhia Vale do Rio Doce (CVRD), headquarted in Rio de Janeiro, will sell its cellulose and paper assets, including its stake in Cenibra and Bahia Sul, to raise $750 million. CVRD has a 50% share of Bahia Sul, a 48% share of Cenibra and an 85% stake in Florestas do Rio Doce. The sale is being coordinated by Bank of America and Bradesco, and is expected to be finished by the end of this year.