Japan’s Mitsui to inject 75 bln yen into Valepar
June 13, 2008
June 13th (Trading Markets) – Mitsui & Co , Japan’s second-largest trading company, said on Friday it will inject about 75 billion yen ($670 million) to maintain its 15 percent ownership in Valepar S.A., a holding company of Brazil’s Vale.
The decision came after Vale, the world’s biggest iron ore producer, said it would sell up to $15 billion in shares to finance growth in its existing businesses.
Mitsui said its stake in Vale will stay at 5 percent as a result of the fund infusion to the holding company.