Rumors that Brazilian federal government aims to replace Roger Agnelli, Vale’s CEO, have been surrounding the market for a long time. Yesterday, minister Guido Mantega, representing the Federal government as one large shareholder, officially requested Bradesco, another large shareholder, the substitution of Roger Agnelli as Vale CEO, according to Estado broadcast agency.
Supposedly, the government wants Vale aligned to its policies. According to Bank Banif, ” the Government wants to have a company, in which it does not hold control and with a majority of private investors, to follow its directives.” Is it a good thing for the company and for the country?
Vale was a state-owned company from 1942 to 1977, when the control was sold to Valepar, which holds 52.7% of voting shares. Valepar shareholders are Littel (78.4% voting stake, controlled by Banco do Brasil), Bradespar (21.2% stake, controlled by Bradesco), Mitsui (18.2% stake) and the BNDES (11.5% stake, controlled by the Federal Government).
Vale is the subject of my master in history. It is funny because for the last 2 months I have been looking into the company’s privatization and the role of the state. Well, what do I think..? to be continued.. (but please take 2 seconds and share your view with us below)