Rio de Janeiro, August 29, 2001 – Companhia Vale do Rio Doce (CVRD) informs that the delisting of its subsidiaries SIBRA – Eletrosiderúrgica Brasileira S.A. (SIBRA) and Companhia Paulista de Ferro Ligas (CPFL), was approved by the Extraordinary General Shareholders’ Meetings held yesterday.
The public notification for acquisition of minority interest will be released soon. The buyback price for SIBRA PNC will be R$ 5.26 per share, 38% above the average price of the last 30 trading sessions (R$3.82) and 28% above its book value per share as of June 30, 2001 (R$ 4.10). The buyback price for CPFL PN will be R$ 12.02 per share, 31% above the average price of the last 30 trading sessions (R$ 9.15) and 7% above its book value per share as of June 30, 2001 (R$ 12.21).
The public offer to buy SIBRA and CPFL shares grant liquidity to minority shareholders, and allows them to realize immediately gains derived from an eventual better performance of the companies, which may not materialize.
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This press release may include statements that present Vale’s expectations about future events or results. All statements, when based upon expectations about the future, involve various risks and uncertainties. Vale cannot guarantee that such statements will prove correct. These risks and uncertainties include factors related to the following: (a) the countries where we operate, especially Brazil and Canada; (b) the global economy; (c) the capital markets; (d) the mining and metals prices and their dependence on global industrial production, which is cyclical by nature; and (e) global competition in the markets in which Vale operates. To obtain further information on factors that may lead to results different from those forecast by Vale, please consult the reports Vale files with the U.S. Securities and Exchange Commission (SEC), the Brazilian Comissão de Valores Mobiliários (CVM) and in particular the factors discussed under “Forward-Looking Statements” and “Risk Factors” in Vale’s annual report on Form 20-F.