August 11, 2017 / 12:10 AM / 10 months ago

Vale reaches mininum threshold for voluntary share conversion

SAO PAULO, Aug 10 (Reuters) - Brazilian miner Vale SA has reached a mininum threshold set for a proposed voluntary share conversion, after about 72 percent of current shareholders agreed to swap their preferred stock into common shares.

In a Thursday securities filing, Vale said a total 1.421 billion preferred shares — which comprise company stock traded in Brazil and the United States — joined the plan. The company had set a minimum 54.09 percent threshold to approve the share conversion. The results are preliminary, and a definitive outcome of the share conversion will only be known late on Friday, the filing said.

Management plans to discuss the matter at several conference calls on Aug. 14.

Reporting by Ana Mano and Guillermo Parra-Bernal; Editing by Sandra Maler

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