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Vale S.A. makes a US$1.1 billion cash offer for Metorex

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Vale S.A.

On April 8, 2011, Vale S.A. and Metorex entered into an implementation agreement in relation to Vale's cash offer to acquire the entire issued and to be issued ordinary share capital of Metorex. Vale proposes to implement the offer by way of a scheme of arrangement. Under the terms of the offer, if implemented, the Metorex shareholders will receive a cash consideration of ZAR7.35 per share, for a value of R7.4 billion or approximately US$1.1 billion.Vale is the second largest metals and mining company and one of the 20 largest publicly traded companies in the world, and the largest private sector company in Latin America, with a market capitalization of approximately US$170 billion. Headquartered in Brazil, Vale operates in 38 countries on five continents and employs over 115,000 people. Vale is being advised in this proposed acquisition by Fasken Martineau with a team led by Tanneke Heersche and including, among others, Dimitri Cavvadas in Johannesburg, Jean-Claude Petilon in Paris, Mark Camilleri and Laura Bradley in London.



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