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UPDATE 1-Vale's board approves top shareholder proposal for reorganization

(Adds Vale's board approval)

SAO PAULO May 11 Vale SA's board approved 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.

Vale's board agreed to send the proposal, which needs to be approved by 54.09 percent of preferred shareholders, to a shareholders assembly. (Reporting by Bruno Federowski and Tatiana Bautzer; Editing by Chizu Nomiyama and Lisa Shumaker)

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