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Vale (NYSE:VALE) turned higher amid news that a Brazilian presidential ally declined to head the company, Folha de Sao Paulo reported.
The former finance minister, Guido Mantega, will also not pursue a board seat. He previously served under President Luiz Inacio Lula da Silva and his successor Dilma Rousseff.
Lula had sought to have Mantega lead the mining company.
Mantega was indicted in 2018 on money laundering and other charges as part of the Car Wash corruption scandal. He was accused of taking money from a construction conglomerate called Odebrecht.
Vale rose 2.2% on Friday.