Vale nets strong response from share conversion

Vale nets strong response from share conversion

Brazil Equity M&A

Vale has received an overwhelming response to a share conversion that would see the company replace preferred shares as common stock. The Brazilian miner said roughly 1.66bn preferred shares, corresponding to 84.4% of outstanding preferred shares, were submitted for conversion or exchange by the shareholders. Vale needed just 54.09% of outstanding preferred shareholders to exchange their stock. The agreement could see the company move ahead with plans to list its stock on Brazil’s Novo Merc

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