Vale approves $250M dividend
Vale announced that its executive board proposed, and its board of directors approved, the payment of shareholder remuneration as an anticipation of the mandatory distribution of 2016 results, totaling the gross amount of R$ 857M, or $250M, equal to R$ 0.17 or $0.05 per common or preferred share in circulation as of November 25. The payment will be made as of December 16. The record date for owners of shares traded on the BM&F Bovespa is December 1. The record date for holders of American Depositary Receipts traded on the New York Stock Exchange and Euronext Paris is December 6. Vale shares will start trading ex-dividend on BM&F Bovespa, NYSE and Euronext Paris as of December 2. "The improved outlook for our business and the better than expected cash flow generation supports the approved payment without compromising the goal of reducing indebtedness," Vale noted.