Mitsui & Co. Ltd. (MITSY) announced Friday its decision to make an additional investment in Valepar S.A. Mitsui's investment amount is expected to be about yen 75 billion depending on the newly issued share price.
Valepar is a controlling company of Companhia Vale do Rio Doce. The additional investment is related to the Vale's public offering of shares, which was announced on June 12, 2008.
Mitsui further noted that Valepar intends to maintain the current controlling ownership at Vale by exercising its priority subscription rights, and Mitsui would contribute to Valepar on a pro rata basis.
Mitsui expects to further raise its competitive equity tonnage base in mineral and metal resources through this investment. As the global supply and demand of the mineral and metal resources is expected to remain extremely tight, securing further resource base is getting more and more important, the company said.
MITSY closed Friday's trading at $449.46, up $7.46 or 1.69%.
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