Maybe never. As I understand it, all the MOU does is make explicitly clear that FMG management would have no problem with Vale buying up to 15 percent if Vale ever WANTS to buy up to that amount of shares on the open market at some time in the future.
I think more than 15 per cent has some significance for takeovers or foreign ownership reviews or something.
A shareholder with 15 per cent would be a significant shareholder and might be expected to be allowed a director of its own to sit on the board and be aware of board decisions. Most of this is speculation on my part. So I think the point of being explicit about up to 15 per cent is that FMG is saying to Vale, if you want, you will get to see how we are managing on a day to day basis so you can have confidence we are managing well and you can enjoy a share in the profits FMG makes.
when is Vale going to buy FMG' shares?, page-2
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$20.10 |
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| Open | High | Low | Value | Volume |
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