Brazilian miner and iron ore producer Vale said this week Litel, a key shareholder in the company, reduced its stake to 17.23 percent, according to media reports.
Neither Vale nor Litel disclosed how much of a stake the company previously held. However, according to Vale’s most recent shareholding structure document, dated July 2019, Litel owned a combined 20.97 percent stake under different classes of shares.
At the time, Litel owned 10.13 percent of Vale’s shares related to a company’s new corporate structure until 2020, and another 10.84 percent in shares not related to the company’s corporate agreement.
Other key shareholders include BradesPar, the investing arm of local development bank BNDES, and Mitsui and Co.
The companies did not disclose a reason for the share reduction.