Vale to Buy Back Shares

Brazilian miner Vale plans to buy back up to 69.94m common shares and 169.21m preferred shares. This is to 5.5% and 8.5%, respectively, of the free-floating shares of each class. The 1-year program will be voted on by the group’s board on October 16, and, if approved, Vale could start buying back the shares on October 27. Vale common shares closed at BRL31.49 Tuesday, and preferred shares at BRL27.70.