Vale's Extraordinary Dividend

Brazilian miner Vale S.A. (VALE) proposed to pay an extraordinary dividend of $1.0 billion or $0.19 per share with the record date of January 14, 2011. The holders of ADRs and Hong Kong Depositary Receipts (HDRs) will have the record dates as of January 19, 2011. However, the decision is pending for approval on January 14, 2011. In the fourth quarter of fiscal 2010, Vale authorized the buy-back of 64.8 million common shares and 98.4 million preferred shares for a total amount of $2 billion until March 2011. The company also proposed a total dividend of $2.75 billion with $1.25 billion as minimum payment, and $500 million as additional dividend. Through these initiatives, Vale is trying to raise shareholders’ wealth and confidence toward the stock.... Read more

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