Brazilian mining and iron ire company Vale approved the incorporation of two subsidiaries to its iron ore business, the company said in a filling this week.
According to a Vale filling to Brazil CVM, the nation’s securities regulator, Sociedade de Mineracao Constelacao de Apolo and Vale Mina do Azul are now part of Vale, Luciano Siani Pires, Vale’s investor relations director said.
In another document, Vale lists a series of resolutions that were taken in a meeting with shareholders.
“By the majority of the shareholders, [Vale approved] the consolidation into Vale of its wholly owned subsidiaries Apolo and VMA, without a capital increase or the issuance of new Vale shares,” it said.
“With the consolidation of Apolo and VMA into Vale, the latter unconditionally assumes all properties, rights and obligations of Apolo and VMA, of a legal or conventional order, under the terms of current legislation,” the document continued.
The consolidation of the two fully owned subsidiaries is part of a process to simplify Vale’s corporate structure, the company said, adding that VMA operates in the steel and metallurgy segments, commercializing iron alloys and exploring mineral substances, including ores in general.
Apolo was Vale’s subsidiary dedicated to explore mineral deposits.