Financial Times FT.com

Vale set to issue $15bn in shares

By Jonathan Wheatley in São Paulo

Published: June 10 2008 15:40 | Last updated: June 10 2008 18:33

Vale, the Brazilian mining group that walked away from takeover talks with Xstrata in March, on Tuesday said it was preparing to issue up to $15bn in voting and non-voting shares to finance growth, acquisitions and debt rescheduling.

Shares in Vale fell on concerns that an acquisition could stretch its borrowing beyond comfortable limits and threaten its investment grade rating from the world’s leading credit rating agencies.

You have viewed your allowance of free articles. If you wish to view more, click the button below.

Read this