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Vale unlikely to take up 15% stake in Fortescue

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Vale unlikely to take up 15% stake in Fortescue

Vale SAis unlikely to acquire up to a 15% stake in FortescueMetals Group Ltd. under their March deal, BusinessDay reportedApril 29.

Vale said the 5% to 15% take-up clause in the agreement was suggestedby Fortescue.

Under the deal, the two companies also planned to form one ormore joint ventures to blend selected volumes of iron ore and co-invest in currentor future mining assets.

Vale CFO Luciano SianiPires said, "We obviously do not have the resources nor the balance sheet todo it right now, so it is more of a long-term optionality.

"It is welcome asan option, but nothing that we want to pursue in the short, nor even perhaps inthe medium term."