29 July 2010 16:57 [Source: ICIS news]
SAO PAULO (ICIS)--Brazilian miner and fertilizer producer Vale is launching a public offer to buy up to 100% of the common shares in a copper company that includes fertilizer producer Cibrafertil, the company said on Thursday.
Copper company Paranapanema owns a 99.09% stake in Cibrafertil, which operates a phosphate fertilizer plant in ?xml:namespace>
Vale’s offer for Paranapanema - to be held on 1 September - would be subject to the purchase of at least 50% plus one common share and would be extended to all Paranapanema’s shareholders, Vale said.
The price per common share to be paid was reais (R) 6.30 ($3.56, €2.74), which could be adjusted in case of any distribution of dividends payment and/or interest on shareholders’ equity, the company added.
Cibrafertil’s fertilizer plant is in the state of
The copper smelter/refinery is in the industrial district of Camacari, also in
“The excess of sulfuric acid produced by the smelter and not consumed by Cibrafertil may be redirected to other Vale fertilizer operations,” Vale said in a statement in English.
The announcement came a day after President Luiz Inacio Lula da Silva said
($1 = €0.77, $1 = R1.77)
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