ISS, Glass Lewis approve restructuring at Brazil's Vale -source

Valecha Engineering

14/06/2017 23:50

By Marta Nogueira and Paula Laier 
    RIO DE JANEIRO/SAO PAULO, June 14 (Reuters) - Consulting 
firms ISS and Glass Lewis have given a nod of approval to a 
restructuring plan for Brazilian miner Vale SA  VALE5.SA  
 VAL.N , boosting the chances of shareholder approval, a source 
said on Wednesday. 
    The corporate restructuring process, announced on Feb. 20, 
seeks to strengthen the company's compliance and will be voted 
on at an extraordinary shareholders' meeting on June 27. 
    The consulting firms are advising shareholders who will 
attend the meeting.      
    "They approved it unanimously. This is extremely positive 
because it demonstrates that the operation is well-regarded by 
the market, which increases the probability of approval 
significantly," the source said, speaking on condition of 
anonymity. 
    Last month, Vale's board of directors approved a final 
proposal by Valepar SA, the company's controlling shareholder, 
for a restructuring that includes plans for the miner to have no 
defined controlling shareholder and list on the Sao Paulo stock 
exchange.  
    Vale's preferential shares closed down 1.37 percent on 
Wednesday while ordinary shares lost 1.02 percent. 
 
 (Reporting by Alexandra Alper; Editing by Tom Brown) 
 ((Alexandra.Alper@thomsonreuters.com; 021-98186-5429; Reuters 
Messaging: alexandra.alper.thomsonreuters.com@reuters.net)) 
 
Keywords: BRAZIL VALE/