SAO PAULO Feb 20 At least 54 percent of holders
of Vale SA's preferred shares must approve a proposal
by the company's controlling bloc to transform their stock into
common shares, executives at the world's largest iron ore
producer said on Monday.
On a conference call to detail the proposal, Chief Executive
Officer Murilo Ferreira said Vale's group of controlling
shareholders have agreed to waive their right to vote at a
shareholder assembly in June to approve or dismiss the changes.
(Reporting by Guillermo Parra-Bernal and Marta Nogueira;
Additional reporting by Roberto Samora in São Paulo; Editing by