May 11, 2017 / 2:43 PM / a year ago

Vale's top shareholder unveils definitive terms for reorganization

SAO PAULO, May 11 (Reuters) - The controlling shareholder of Vale SA proposed 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.

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. The proposal needs to be approved by 54.09 percent of preferred shareholders, the filing said. (Reporting by Bruno Federowski; Editing by Chizu Nomiyama)

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