Vale Set for Fertilizer Delist

Vale has acquired almost 100% of the outstanding shares in Vale Fertilizantes, spending BRL2.078bn ($1.41bn) in a public buyback offer and preparing the way for the eventual delisting of its fertilizer unit. Vale acquired 211,014, or 83.8%, common shares in Vale Fertilizantes, and 82.9m, or 94.0%, preferred shares in the unit, paying a previously announced price of BRL25.00 each. Vale now holds, through its Mineracao Naque vehicle, 99.99% of the total common shares and 98.09% of the total preferred shares of Vale Fertilizantes. Morgan Stanley managed the process. The Brazilian miner plans to group the Vale Fertilizantes assets with other related businesses that it can then re-IPO in 2012.