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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 Leslie Adler)