https://www.miningweekly.com

Bradespar to distribute about $1bn in Vale stock to shareholders

16th September 2021

By: Reuters

  

Font size: - +

SAO PAULO - Brazilian holding company Bradespar, one of the largest shareholders in miner Vale SA, said it will distribute 5.2-billion reais ($990-million) in Vale shares to its shareholders, reducing its capital.

In a securities filing late on Tuesday, Bradespar said the proposal will be put to a vote at an October 15 shareholders meeting.

Bradespar owns a 5.73% stake in Vale, worth 27.6-billion reais based on Tuesday's closing prices, analysts at broker XP said in a note to clients. The holding company will reduce its stake to 3.23% after the transaction.

XP analysts said the news is positive to the holding company, reducing its discount relative to Vale shares from 20%

Edited by Reuters

Comments

The functionality you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at subscriptions@creamermedia.co.za.

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION