Dantas Vehicle to Up Vale Position

Eletron, a Brazilian investment vehicle controlled by financier Daniel Dantas, is set to take an additional 3% in Valepar, the parent of Vale. A Brazilian court has ruled that Eletron’s purchase of 37.5m shares for BRL632m can proceed. It was opposed by fellow Valepar holder Bradespar, which is appealing the decision, as the price level is below market price. Eletron holds less than 1% in Valepar, a holding company with a 52.7% voting stake in Vale.