Brazilian iron ore producer Vale said this week over 54.09 percent of its shareholders approved the company’s proposed corporate restructuring. As a result of the vote, shareholders will replace their preferred stock into common shares.
“As a result of the merger, Valepar ceases to exist and, consequently, Valepar’s shareholders now hold direct interests in Vale,” the company said.
The move will give equal votes to all Vale’s shareholders, and is likely to diminish the government’s influence on the company, according to media reports.