https://www.engineeringnews.co.za

Vale shareholders near deal to pay Eletron $692m

26th September 2018

By: Reuters

  

Font size: - +

SAO PAULO - Two major shareholders of Brazilian mining company Vale are likely to reach an agreement on Wednesday to pay 2.82-billion reais ($692-million) to Eletron to settle a dispute over Vale shares, according to securities filings by Bradespar SA and Litel Participações SA.

The payment by Brazilian holding companies Bradespar, one of the largest shareholders in Vale, and Litel, owned by pension funds, is expected to be formalized on Wednesday in court, according to both companies.

Litel and Bradespar were due to pay roughly four-billion reais ($981.2-million) judgment awarded by a Rio de Janeiro court in May to fellow shareholder Eletron, a holding company controlled by banker Daniel Dantas.

Each holding company will pay 1.4-billion reais ($343.4-million), according to the securities filings.

The dispute began 10 years ago, tied to an option that Elétron had to acquire Vale shares. Elétron was part of a group that bid in an auction to privatize Vale in 1997.

Edited by Reuters

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Sika South Africa
Sika South Africa

Sika South Africa is a trusted partner for the nation’s infrastructure, commercial, residential, and industrial sectors.

VISIT SHOWROOM 
Vikela Aluvin (Pty) Ltd
Vikela Aluvin (Pty) Ltd

Complete range of security sealing solutions including security seals bags and labels.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







301

sq:0.048 0.739s - 140pq - 2rq
Subscribe Now