Vale do Rio Doce's $14B offering approved

Brazilian mining company Vale do Rio Doce offering $14 billion in securities as soon as Friday. NEW YORK (Associated Press) - Brazilian mining company Companhia Vale Do Rio Doce said Thursday its previously announced offering of some $14 billion worth of equities, to fund acquisitions and organic growth, will take place as early as Friday. Brazilian securities regulators approved the offering of 256.9 million common shares and 164.4 million preferred shares "on or near July 4," Vale said Thursday. The company has about 4.8 million American Depositary Shares outstanding. Shares will be offered in Brazil and internationally, including in the U.S. Investors in the international offering may receive their shares in the form of American Depositary Shares. Vale applied to list its common and preferred ADS on Euronext Paris. It common shares and preferred shares are listed on the Sao Paulo Stock Exchange, and its common ADS and the preferred ADS are listed on the New York Stock Exchange. "The proceeds of the offering will be used for general corporate purposes, which may include financing its program of organic growth based on its $59 billion investment plan, strategic acquisitions and increased financial flexibility," Vale said in a statement. Credit Suisse Securities is acting as lead underwriter. Underwriters received an over-allotment option. Vale's ADS were down 28 cents to $32.05 in afternoon trading. Source: Associated Press