Reuters logo
Vale's board approves top shareholder proposal for reorganization
May 11, 2017 / 2:48 PM / 7 months ago

Vale's board approves top shareholder proposal for reorganization

SAO PAULO (Reuters) - Vale SA’s VALE5.SA board approved 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.

FILE PHOTO: A view shows the company logo of Brazilian mining company Vale SA at its headquarters in downtown Rio de Janeiro August 20, 2014. REUTERS/Pilar Olivares/File Photo

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.

Vale’s board agreed to send the proposal, which needs to be approved by 54.09 percent of preferred shareholders, to a shareholders assembly.

Reporting by Bruno Federowski and Tatiana Bautzer; Editing by Chizu Nomiyama and Lisa Shumaker

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below