SAO PAULO, Aug 14 (Reuters) - Bigger-than-expected shareholder support in Vale SA’s stock conversion plan is leading the world’s No. 1 iron ore producer to accelerate the listing of common shares in Brazil’s strictest listing segment, executives said on Monday.
Chief Executive Officer Fabio Schvartsman told investors on a conference call that Vale was not considering using cash to buy back stock from investors who failed to swap their preferred shares into common ones. The São Paulo Stock Exchange’s Novo Mercado is the bourse’s strictest listing chapter.
Vale said a total 1.66 billion preferred shares, or the equivalent of more than 84.4 percent of that class of stock in circulation, joined the plan, topping the minimum 54.09 percent threshold set. (Reporting by Guillermo Parra-Bernal; Editing by Lisa Von Ahn)