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Vale Sells its Stake in Usiminas
04/17/2009 - Companhia Vale do Rio Doce concludes the sale of its 5.89% common share stake in Usiminas to a shareholder group including Camargo Corrêa, Mitsubishi Corp., Nippon, and Votorantim.
Companhia Vale do Rio Doce (Vale), Brazil, has concluded the sale of its 5.89% common share stake in Usinas Siderúrgicas de Minas Gerais S/A (Usiminas).
Bound by the current Usiminas shareholders agreement, the shares were sold to a group of current company shareholders comprising Camargo Corrêa, Mitsubishi Corp., Nippon Usiminas and Nippon Steel Corp., and Votorantim Participacoes. Vale sold all its 14,869,368 common shares in Usiminas, corresponding to 5.89% of Usiminas common shares and 2.93% of its total capital. At R$ 40.00 per Usiminas common share, the transaction totaled R$ 594.7 million.
As a result of the sale, Vale no longer holds any participation in the Usiminas capital, and is no longer part of the controlling group.
