Others Seen Selling Usiminas After Vale Exit

Vale’s sale of a stake in Usiminas could propel other shareholders to exit, according to Bradesco. “We believe this could signal the end of the shareholder agreement and lead some of the other controlling shareholders, notably Grupo Nippon and Usiminas’s pension fund, to sell their stakes as well,” the bank says. The shop tips Votorantim as a possible buyer of Vale’s shares and other shareholder’s interests should they decide to sell. Vale’s decision to sell its stake in Usiminas is part of its overall business strategy, a spokeswoman says, as it has several joint operations and investments with many companies in the mining and steel sector that respond to Vale’s strategic needs. Vale’s stake in Usiminas represents 5.9% of total voting shares and 2.9% of total capital, worth approximately BRL1.35bn, according to Bradesco.