Norton Rose Hong Kong has advised Vale S.A. on the secondary listing of its common shares and class A preferred shares in the form of depositary receipts on The Stock Exchange of Hong Kong Limited by way of introduction. Trading in the Hong Kong depositary receipts commenced on 8 December 2010.
Here’s the press release
Vale is the second largest metals and mining company in the world and the largest in the Americas based on market capitalisation as at 29 November 2010. It is the world?s largest producer by volume of iron ore and iron ore pellets. It is a leading producer of nickel, manganese ore and ferroalloys. It also produces copper, coal, fertilizer nutrients, cobalt, platinum group metals and other mineral products. Vale has its head office in Brazil and is engaged in mineral exploration in 23 countries around the world.
Vale?s common shares and class A preferred shares are listed on BM&FBOVESPA in Sao Paulo. They are also listed on the New York Stock Exchange and traded on NYSE Euronext Paris in the form of American Depositary Receipts.
Julian Chung, the Norton Rose Hong Kong corporate partner who led the transaction, said:
?We are pleased to have had the opportunity of working with Vale on this listing which is, in many ways, a significant milestone for the Hong Kong market. It is the first depositary receipts transaction and the first listing of a Brazilian company in Hong Kong. Vale is also the largest mining company to be listed on the Hong Kong Stock Exchange to date?.
J.P. Morgan acted as the sponsor of the listing.
