February 20, 2017 / 3:02 PM / a year ago

Vale needs 54 pct shareholder approval for share conversion

SAO PAULO, Feb 20 (Reuters) - 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)

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