SAO PAULO May 11 The controlling shareholder of Vale SA proposed on Thursday a definitive swap ratio of 0.9342 common share per preferred stock as part of a plan to transform the world's No. 1 iron ore producer into a company with dispersed share ownership.
As part of the proposal, the shareholder formally known as Valepar SA would be incorporated by Vale in a mechanism that would grant bonus shares to Valepar partners, according to a securities filing. The proposal needs to be approved by 54.09 percent of preferred shareholders, the filing said. (Reporting by Bruno Federowski; Editing by Chizu Nomiyama)
UPDATE 1-Property markets outlook remains strong as golden age fades -PGIM
NEW YORK, June 27 A golden period in global property markets appears near an end as rising interest rates and lower returns hurt performance, but the outlook for real estate remains strong, asset manager PGIM said on Tuesday.