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Gold/Mining/Energy : Companhia Vale Do Rio Doce (RIO)
VALE 12.09+1.7%Oct 31 9:30 AM EDT
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From: rsroberto1/11/2013 4:15:28 PM
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Vale was not nationalizes a la Venezuela.
A brief review of recent history is useful. Vale was privatized with special conditions. The buyers bought a small stake and that gave to them the right to choose the directors until 2017. During all the time since it was privatized the gov. of Brazil and the state pension funds where the biggest shareholders. The buyers (Bradespar and partners) that indicated former director Roger Agnelli never were the main stakeholders, they have something like 20% of the shares with voting rights.
Agnelli was a guy with a big mouth and weak ears. He liked to buy companies in other countries without asking the opinion of anyone. The investment in Inco was not seen as good by many guys. The almost investment in Xstrata scared many guys. The president Dilma Roussef and Bradespar changed the director.
It should be remembered other episode. Years ago, Agnelli was planning to sell shares in London, but not shares of the existing Vale company, he wanted to modify something, to create other company, and it would gave him more power, Bradespar could lost the control, specialy regarding the international investments. I think that Bradespar reaaly was satisfied that the gov. wanted to change Roger Agnelli.

By the way, the result of the 4th quarter can be bad because the iron ore was at 80 in some days, but the result of the first quarter of 2013 can be one of the best of the history of the company. The iron ore is aroud 150.
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