Vale concludes acquisition of minority stake of Vale Fertilizantes
Metal Stocks | 2012-01-25 06:25:34
Vale, the world's largest iron- ore producer informs that Vale Fertilizantes General Shareholders Meeting approved the redemption of the remaining 5,314,386 free floating common and preferred shares, representing 0.94% of the total shares of Vale Fertilizantes
By Paul Ploumis
BRASILIA (Scrap Monster): Vale, the world's largest iron- ore producer informs that Vale Fertilizantes General Shareholders Meeting approved the redemption of the remaining 5,314,386 free floating common and preferred shares, representing 0.94% of the total shares of Vale Fertilizantes.
As a result, Vale will hold, through wholly-owned subsidiaries, 100% of the common shares and 100% of the preferred shares of Vale Fertilizantes.
The shares will be redeemed by the price of the public offer (OPA) held on December 12, 2011 of R$ 25.00 per share, plus interest based on the SELIC, the Brazilian Central Bank policy interest rate, counted from the OPA’s financial settlement date on December 15, 2011 to the expected payment date of the redeemed shares on January 26, 2012.
The conclusion of the acquisition of Vale Fertilizantes is consistent with Vale’s strategy of becoming a global leader in the fertilizer business, involving the build-up of a large world-class value creation platform through a combination of acquisitions and organic growth.
