SAO PAULO May 11 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)