18 July 2011 17:10 [Source: ICIS news]
SAO PAULO (ICIS)--Vale has filed with Brazilian authorities a request to acquire up to 100% of the free float shares of its subsidiary Vale Fertilizantes, the company said on Monday.
The Brazilian mining and fertilizer company said it will acquire the shares in order to cancel the public company registration and stop public trading of its shares.
The public offer involves a cash price of Brazilian reais (R) 25.00/share ($15.78/share, €11.24/share) for both common and preferred shares, amounting to a total of up to R2.22bn paid by Vale, the company said.
According to Vale, the price of R25.00/share implies a 41% premium over the average price of preferred shares traded in the last 20 trading days on the BM&FBOVESPA stock exchange as of 22 June, the date on which the plan was announced.
Vale said the offer will be good for Brazil only, and that it “makes no representation as to compliance with any non-Brazilian law, rule or regulation,” the company added.
($1 = R1.58, €0.71)
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