Vale Chief Prioritizes Buyback, Capex

Vale Chief Prioritizes Buyback, Capex

People Corporate & Sovereign Strategy

Vale CEO Roger Agnelli insists his company plans to deploy the bulk of its $15.3bn cash position internally, rather than on acquisitions. “[There’s] nothing better [to do] right now than to buy back our own shares. We feel current [share] prices are implying a disaster for next year. We don’t see this disaster,” Agnelli says during Vale’s visit to the New York Stock exchange. He notes the company’s $11.5bn follow-on in July was executed at twice today’s levels. The costs of organic investment ha

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