The Brazilian miner said in a market filing Thursday it would buy back as many as 84.4m common shares and 102.2m non-voting shares, representing about 5.6% of the total shares in circulation
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The Brazilian miner said in a market filing Thursday it would buy back as many as 84.4m common shares and 102.2m non-voting shares, representing about 5.6% of the total shares in circulation
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SAO PAULO (Reuters) -
Brazilian iron ore miner Vale (VALE5.SA:Quote) said in a market filing on Thursday that it plans to repurchase up to $3 billion of its shares.
Vale's administrative board approved a plan to buy back as much as 84.8 million common shares and 102.2 million nonvoting shares, which would represent 5.6 percent of total company shares in circulation.
The program will last 180 days starting on May 31 of this year.
Vale said that the company's cash flow was strong and that the share buy back plan was a way to return capital to shareholders. (Reporting by Reese Ewing and Roberto Samora; editing by Carol Bishopric)
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