International Business

Brazil Picks Merrill to Manage Stock Sale: Merrill Lynch & Co. bested Goldman, Sachs & Co. in the competition to arrange what could be Latin America’s biggest stock sale ever--of a portion of the government’s 51% stake in Cia. Vale do Rio Doce, the world’s largest exporter of iron ore. The shares are expected to fetch more than $3 billion, which could mean fees of at least $68 million for the investment banks managing the sale. The Merrill Lynch group is composed of Rothschild Inc., Projeta Consultoria, Graphus, Banco Bradesco, KPMG Peat Marwick and Brazilian firm Engevix Engenharia.