Market Chatter: Vale Board Opposes Shareholder Bid to Remove Chairman

MT Newswires Live18:21

Vale's (VALE) board has voted against a proposal by shareholder Previ to remove Chairman Daniel Stieler, Bloomberg reported Monday, citing people familiar with the matter.

The report said while the proposal will still be put to shareholders at an extraordinary meeting on July 22, a majority of directors reportedly viewed Previ's reasons for seeking Stieler's removal as insufficient.

Previ, which owns about 7% of Vale, is backing independent director Manuel Lino Oliveira as a replacement chairman and has nominated former Previ CEO Jose Mauricio Pereira Coelho for a vacant board seat, according to Bloomberg.

Vale did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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