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Vale's top shareholders weigh unifying stock structure
[BRASILIA] Top shareholders of Vale SA are discussing whether merging the Brazilian miner's two classes of stock as part of efforts to renew a shareholder accord that expires at the start of the next quarter, financial newspaper Valor Economico reported.
Vale has a dual-class stock structure, with common and preferred shares. The agreement under discussion would extend voting rights to all Vale shareholders by converting all stock into common shares, Valor said.
The new shareholder agreement could be valid for a shorter period of up to six years, instead of the current 20 years, Valor said, citing three unnamed sources briefed on the negotiations.
Vale declined to comment.