Brazilian mining giant Vale said on Tuesday its board of directors had approved a share offering worth up to $15 billion to help finance its current investment plan.
Vale said in a statement that it still hadn't determined the terms of the sale, which is still subject to approval by Brazil's securities regulator.
It said it would use the proceeds from the offering to finance organic growth and potential takeovers, as stipulated in a $59 billion investment plan. But it also stressed that it was not currently negotiating any strategic acquisitions.
(Reporting by Todd Benson, editing by Dave Zimmerman)
(c) Reuters 2008. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world.