Vale SA (VALE) Tuesday announced the conclusion of a public offer to acquire the outstanding shares of its independently-trading subsidiary Vale Fertilizantes SA through which Vale-owned Mineração Naque SA, or Naque, purchased over 211 thousand common and 82.9 million preferred Vale Fertilizantes shares for a total of 2.08 billion Brazilian real, or about $1.14 billion.
Prior to the offer, holders accounting for more than two-third of Vale Fertilizantes shares agreed to tender their shares and thus agreed to deregistration of Vale Fertilizantes as a publicly listed company. Naque, subsequent to the offer, holds 99.99 percent of common and 98.09 percent of preferred sharres of Vale Fertilizantes. Vale now expects to discuss the redemption of all further outstanding Vale Fertilizantes shares at 25 Brazilian real per share at a General Shareholders Meeting.
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