UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
Companhia Vale do Rio Doce
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(Name of Issuer)
Common Shares
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(Title of Class of Securities)
CUSIP No. 204412 20 0
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(CUSIP Number)
Ricardo Carvalho Giambroni
Praia de Botafogo 501 - 4 no. andar
Rio de Janeiro - RJ 22250-040
Telephone: (5521) 3870-1191 Fax: (5521) 3870-1219
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
March 7, 2003
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(Date of Event which Requires Filing of this Statement)
1. Names of Reporting Persons. I.R.S. Identification Nos. of
above persons (entities only).
Litel Participacoes S.A.
CNPJ (Brazilian Federal Taxpayer's Register) no.
00.743.065/0001-27
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2. Check the Appropriate Box if a Member of a Group (See
Instructions)
(a)
(b) X
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3. SEC Use Only
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4. Source of Funds (See Instructions)
OO
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5. Check if Disclosure of Legal Proceedings Is Required
Pursuant to Items 2(d) or 2(e)
Not applicable
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6. Citizenship or Place of Organization
Federative Republic of Brazil
Sole Voting Power.
Litel, jointly with its controlled company Litela
Participacoes S.A. (Litel holds 99.99% of Litela's
total capital), holds an indirect equity participation
in CVRD through Valepar. Litel holds 52,663,766 Valepar
common shares (equivalent to 49% of Valepar's voting
capital) and, directly and through Litela, holds
23,238,638 Valepar preferred shares (equivalent to 100%
Valepar's non-voting capital).
Valepar directly holds 130,715,711 CVRD common shares,
equivalent to 52.29% of CVRD's voting capital.
Therefore, Litel's indirect equity participation in
CVRD may be described as follows:
. Litel indirectly holds (through Valepar) 69,258,590
CVRD
7. common shares, equivalent to 27.71% of CVRD's
Number of voting capital;
Shares . Litel indirectly holds (through Litela which holds
Beneficially Valepar shares) 6,643,814 CVRD common shares,
Owned by equivalent to 2.66% of CVRD's voting capital;
Each . Thus, Litel indirectly holds (through Valepar and/or
Reporting Litela) 75,902,404 CVRD common shares, equivalent to
Person With 30.36% of CVRD's voting capital.
In determining the ratio between CVRD common shares and
Valepar shares, we have not make any distinction
between Valepar common and preferred shares of stock,
as the latter are convertible into the former.
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8. Shared Voting Power
Equivalent to 52.3% of total voting capital
(Shareholders' Agreement of Valepar)
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9. Sole Dispositive Power
Equivalent to 30.36% of total voting capital
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10. Shared Dispositive Power
Equivalent to 52.3% of total voting capital
(Shareholders' Agreement of Valepar)
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11. Aggregate Amount Beneficially Owned by Each Reporting
Person
75,902,404 common shares
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12. Check if the Aggregate Amount in Row (11) Excludes
Certain Shares (See Instructions)
Not applicable
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13. Percent of Class Represented by Amount in Row (11)
30.36% of total voting capital
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14. Type of Reporting Person (See Instructions)
CO
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Item 1. Security and Issuer
Common Shares issued by Companhia Vale do Rio Doce, with principal offices at
Av. Graca Aranha no. 26, Rio de Janeiro - RJ, Brazil, 20005-900 (herein after
referred to as "Issuer").
Item 2. Identity and Background
Litel Participacoes S.A. ("Litel") is a holding company whose shareholders are
the following pension funds: Caixa de Previdencia dos Funcionarios do Banco do
Brasil - Previ ("Previ"), Fundacao Petrobras de Seguridade Social ("Petros"),
Fundacao dos Economiarios Federais ("Funcef") and Fundacao Cesp ("Funcesp"),
organized to hold an indirect equity participation in Issuer. It is duly
organized under the laws of Brazil, with principal offices in the City of Rio de
Janeiro, State of Rio de Janeiro, at Av. Presidente Wilson, 231, 10 no. andar.
Item 3. Source and Amount of Funds or Other Consideration
In 1997, Litel acquired a direct participation representing 10.1% of Valepar
voting shares (representing 6.5% of the Issuer's total voting capital), and a
participation of 24.7% in Valepar S.A. ("Valepar"), a company created for the
purpose of holding a voting interest in Issuer.
On March 15, 2001, Litel purchased Valepar common shares held by Companhia
Siderurgica Nacional (the "CSN Transaction"), increasing its indirect
participation in Valepar from 24.7% to 41.7%. The direct participation of Litel
in Issuer remained unaltered after the completion of the CSN Transaction.
On March 20, 2002, Issuer issued American Depository Receipts in the U.S.
securities market.
On December 26, 2002, Valepar incorporated the direct participation held by
Litel in Issuer through a capital increase of Valepar. As a result, Litel
received Valepar shares in exchange for its Issuer shares, increasing its
participation in Valepar to 52% of the voting shares. The result of such
transaction was an increase of 10% in the participation of Valepar in Issuer.
Litel converted approximately 4% of Valepar voting shares into non-voting
convertible shares in order to comply with a provision in the bylaws of Valepar
which restricts the participation of a sole shareholder to 49% of the voting
shares.
On March 7, 2003, Litel and Bradespar S.A., through controlled companies, Litela
Paticipacoes, S.A., and Millennium Security Holdings Corp., respectively,
acquired 12,187,500 Valepar shares held by Sweet River Investments Ltd. This
ownership interest represents 10.1% of Valepar voting shares, and 9.3% of its
total capital. Litela acquired 6,643,814 common shares, joining the controlling
group of Valepar in adherence with Valepar Shareholders' Agreement. The
6,643,814 common shares acquired by Litel/Litela have been also converted into
non-voting convertible shares in order to comply with a provision in the bylaws
of Valepar which restricts the participation of a sole shareholder to 49% of the
voting shares. Litel, which was already part of such controlling group, became
holder of a direct and indirect participation corresponding to 58.1% of
Valepar's total capital stock.
Item 4. Purpose of Transaction
The participation of Litel in the capital stock of Issuer (both directly and
indirectly) is part of Litel's investment strategy to join the controlling group
of Issuer. At the present time, Litel does not intend to acquire or sell
additional Valepar or Issuer shares.
Item 5. Interest in Securities of the Issuer
(a)
number of shares: 75,902,404*
percentage of shares: 30.36% *
* The number and percentage of shares above mentioned refer to indirect
participation only, as Litel does not hold direct participation in Issuer.
The controlling shareholder of Issuer is Valepar, which holds 52.3% of Issuer
voting shares.
Litel holds a 58.1% direct and indirect participation in Valepar's total
capital, corresponding to 49% of its voting shares. Previ holds 78.4% of Litel's
voting and total capital, and Petros, Funcef and Funcesp jointly hold the
remaining 21.6%. Therefore, Previ, Petros, Funcef and Funcesp jointly and
indirectly hold 30.36% of Issuer's voting shares, through their participation in
Litel.
(b)
Sole power to vote: please refer to Item 5 (a) above.
In accordance with the Shareholders' Agreement of Valepar, Litel's shared voting
power corresponds to 130,715,711 common shares.
Entities with which the voting power is shared:
(i) Eletron S.A., with principle offices at Av. Brigadeiro Faria Lima n.
3064, 6 no. andar, Sao Paulo, SP, Brazil, the main business of which
is to hold interest in other companies as a partner or shareholder.
(ii) Bradespar S.A., with principle offices at Av. Brigadeiro Faria Lima n.
3064, 6 no. andar, Sao Paulo, SP, Brazil, the main business of which
is to hold interest in other companies as a partner or shareholder.
(iii) Bradesplan S.A., with principle offices at Av. Brigadeiro Faria Lima
n. 3064, 6 no. andar, Sao Paulo, SP, Brazil, the main business of
which is to hold interest in other companies as a partner or
shareholder.
(iv) Millenium Security Holdings Corp., with principle offices at Citco
Building, Wickhams Cay, Road Town, Tortola, British Virgin Islands,
the main business of which is to hold interest in other companies as a
partner or shareholder.
(v) Clube de Investimento Dos Empregados da Vale, with principle offices
at Av. Graca Aranha, 26, 2 no. andar - sala 201 (parte), Rio de
Janeiro, RJ, Brazil, the main business of which is to hold interest in
other companies as a partner or shareholder.
(vi) BNDES Participacoes S.A. - BNDESPAR, with principle offices at Av.
Republica do Chile n. 100, 18 no. andar, Brasilia, DF, Brazil, the
main business of which is to hold interest in other companies as a
partner or shareholder.
(c) Not applicable
(d) Not applicable
(e) Not applicable
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to
Securities of the Issuer
The Shareholders' Agreement of Valepar sets forth the rules regarding the shares
issued by Valepar, such as: restriction on the transfer and subscription of
shares, rights of first refusal, tag and drag along rights,
restrictions on voting rights, appointment of directors and officers.
Item 7. Material to Be Filed as Exhibits
Shareholders' Agreement of Valepar and amendments thereto (Portuguese version
and English translation).
Signature
After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.
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Date
September 11, 2003
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Signature
/s/ Ivan Luiz Modesto Schara /s/ Ricardo Carvalho Giambroni
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Name/Title Ivan Luiz Modesto Schara Ricardo Carvalho Giambroni
Director Director
The original statement shall be signed by each person on whose behalf the
statement is filed or his authorized representative. If the statement is signed
on behalf of a person by his authorized representative (other than an executive
officer or general partner of the filing person), evidence of the
representative's authority to sign on behalf of such person shall be filed with
the statement: provided, however, that a power of attorney for this purpose
which is already on file with the Commission may be incorporated by reference.
The name and any title of each person who signs the statement shall be typed or
printed beneath his signature.
Anexo 11 no Acordo de Investimento entre Caixa de Previdencia dos Funcionarios
do Banco do Brasil - PREVI. Fundacao Petrobras de Seguridade Social - PETROS,
Fundacao CESP, Fundacao dos Economiarios Federais - FUNCEF, Companhia
Siderurgica Nacional e NationsBank Corporation, de abril de 1997
INSTRUMENTO PARTICULAR DE
ACORDO DE ACIONISTAS DA VALEPAR S.A.
Assinam este instrumento:
I. LITEL PARTICIPACOES S.A., sociedade anonima, devidamente organizada e
validamente existente de acordo com as leis da Republica Federativa do Brasil,
com sede na Cidade do Rio de Janeiro, Estado do Rio de Janeiro, na Avenida
Presidente Wilson, 231, 10 no. andar, parte, inscrita no CGC/MF sob o no.
00.743.065/0001-27, por seus representantes abaixo assinados ("SPE Fundacoes");
II. CSN STEEL CORP., sociedade devidamente organizada e validamente existente de
acordo com as leis das Ilhas Cayman, com sede em Ugland House, PO Box 309,
George Town, Cayman, Ilhas Cayman, British West Indies, por seus representantes
abaixo assinados ("SPE CSN");
III. SWEET RIVER INVESTMENTS, LTD., sociedade devidamente organizada e
validamente existente de acordo com as leis das Ilhas Cayman, com sede em Ugland
House, PO Box 309, George Town, Cayman, Ilhas Cayman, British West Indies, por
seus representantes abaixo assinados ("SPE Nations"),
(SPE Fundacoes, SPE CSN e SPE Nations, individualmente referidas como "Parte
conjuntamente referidas como "Partes"),
Como Intervenientes:
IV. VALEPAR S.A., sociedade anonima, devidamente organizada e validamente
existente de acordo com as leis da Republica Federativa do Brasil, com sede na
Cidade do Rio de Janeiro, Estado do Rio de Janeiro, na Rua Lauro Muller, 116, 36
no. andar, parte, inscrita no Cadastro Geral de Contribuintes do Ministerio da
Fazenda sob o no. 01.772.413/0001-57 por seus representantes abaixo assinados,
doravante simplesmente referida como "Companhia" ;
V. COMPANHIA SIDERURGICA NACIONAL, sociedade anonima, devidamente organizada e
validamente existente de acordo com as leis da Republica Federativa do Brasil,
com sede na Cidade do Rio de Janeiro Estado do Rio de Janeiro, na Rua Lauro
Muller no. 116, 36 no. andar, inscrita no CGC/MF sob o no. 33.042.730/0001-57,
por seus representantes abaixo assinados, na qualidade de acionista titular da
totalidade das acoes ordinarias do capital social da SPE CSN, doravante
simplesmente referida como "CSN"; e
VI. NATIONSBANK CORPORATION, sociedade anonima, devidamente organizada e
validamente existente de acordo com as leis do Estado da Carolina do Norte,
Estados Unidos da America, com sede em 100 North Tryon St., Charlotte, North
Carolina, Estados Unidos da America, integrante do grupo de controle da SPE
Nations, atraves de sua subsidiaria Blue Ridge Investments L.L.C., por seus
representantes abaixo assinados, doravante simplesmente referida como
"NationsBank";
CONSIDERANDO QUE:
As Partes detem a totalidade das acoes em que se divide o capital social da
Companhia;
A Companhia pretende adquirir atraves do leilao de Privatizacao ("Leilao') da
Companhia Vale do Rio Doce ("CVRD") acoes ordinarias representativas do capital
social da CVRD;
Para a integralizacao de outras acoes ordinarias de emissao da Companhia, alem
das adquiridas pela SPE Fundacoes por subscricao de acoes ordinarias
integralizadas em moeda corrente nacional, a SPE Fundacoes ira conferir ao
capital social da Companhia acoes ordinarias representativas de aproximadamente
10,03 % do capital ordinario da CVRD;
Se vitoriosa no Leilao e com a integralizacao referida no considerando anterior,
a Companhia ira tornar-se titular de acoes ordinarias representativas do capital
social da CVRD que a colocarao na posicao de acionista controladora da CVRD;
Pretendem as Partes desde logo regular seus respectivos direitos e obrigacoes
decorrentes da sua condicao de titulares da totalidade do capital social da
Companhia e, como tal, responsaveis pela eleicao dos administradores da
Companhia e por sua orientacao para o fim de exercer o poder de controle em
assembleias gerais e reunioes do conselho de administracao da CVRD;
As Partes tem conhecimento de todas as regras e condicoes estabelecidas no
Edital no. PND-A-01/97/CVRD ("Edital"), assim como de todas as regulamentacoes
aplicaveis, nao constando qualquer impedimento que venha a restringir a
participacao de qualquer uma das Partes no presente instrumento,
As Partes desde ja admitem a possibilidade de o clube de investimentos dos
empregados da CVRD ("INVESTVALE") e/ou o BNDES Participacoes S.A. ("BNDESPAR")
virem a participar do capital da Companhia, conforme previsto no Edital;
As Partes firmarao acordo de acionistas conforme o modelo constante do Anexo I
do Edital, cujas clausulas e condicoes, naquilo que conflitarem e/ou colidirem
com as disposicoes deste instrumento, prevalecerao para todos os efeitos de
direito;
Um dos objetivos das Partes e o de buscar uma administracao compartilhada para a
CVRD, observando o devido respeito aos direitos de cada uma das Partes, uma vez
que todas, individualmente, sao minoritarias como acionistas da Companhia; e,
As Partes desejam regular determinados aspectos de suas relacoes como acionistas
ordinarios da Companhia, conforme autoriza o artigo 118 da Lei no. 6.404, de
15 de dezembro de 1976;
RESOLVEM
firmar o presente Acordo de Acionistas, que se rege pelas seguintes clausulas e
condicoes, e cuja eficacia e condicionada a que a Companhia seja vencedora do
Leilao, hipotese em que este Acordo passara a vigorar na data em que a SPE
Fundacoes integralizar o aumento de
capital social da Companhia com o estoque de acoes ordinarias de emissao da CVRD
por ela detidas, o que devera ocorrer no maximo ate a vespera da data da
Liquidacao Financeira:
CLAUSULA I - DEFINICOES
1.1 Sem prejuizo de outras definicoes constantes neste Acordo, as seguintes
expressoes terao o significado que lhes e a seguir atribuido:
(a) "Acoes Ordinarias Afetadas" significa todas as acoes ordinarias de
emissao da Companhia pertencentes, na data da eficacia deste Acordo, a
qualquer Parte, e incluira, ainda, novas acoes ordinarias provenientes
de desdobramentos, bonificacoes, fusoes, cisoes, incorporacoes,
subscricoes ou que, de qualquer outra forma, sejam atribuidas as
Partes em virtude da propriedade das Acoes Ordinarias Afetadas detidas
na data da eficacia deste Acordo e a ele sujeitas;
(b) "Acordo" significa o presente instrumento;
(c) "Assembleia Geral" ou "Assembleias Gerais", conforme o caso,
significa, respectivamente, a assembleia geral ou assembleias gerais
de acionistas da Companhia;
(d) "Afiliada" ou "Afiliadas" significa, conforme o caso, com relacao a
qualquer Parte, qualquer pessoa fisica, pessoa juridica, ou ainda
fundo de investimento, condominio, carteira de titulos ou outra forma
de organizacao, residente ou com sede no Brasil ou no exterior: (i)
que seja, direta ou indiretamente, controlada por tal Parte; (ii) que
controle, direta ou indiretamente, tal Parte, inclusive por meio de
acordo de acionistas; (iii) que seja, direta ou indiretamente,
controlada por qualquer pessoa que controle, direta ou indiretamente,
tal Parte; (iv) na qual o controlador de tal Parte tenha, direta ou
indiretamente, uma participacao societaria igual ou superior a 35%
(trinta e cinco por cento) do capital social; (v) na qual tal Parte
tenha, direta ou indiretamente, uma participacao societaria igual ou
superior a 35% (trinta e cinco por cento) do capital social; ou (vi)
que tenha, direta ou indiretamente, uma participacao societaria igual
ou superior a 35% (trinta e cinco por cento) do capital social de tal
Parte; ficando desde ja estabelecido que o conceito de controle
utilizado nesta definicao e aquele constante do Artigo 116 da Lei das
Sociedades por Acoes;
(e) "Business Plan" significa o plano de investimento e desinvestimento
quinquenal da CVRD, a ser revisto anualmente antes da aprovacao do
respectivo orcamento anual, e que incluira as politicas de
investimento, desinvestimento e de gestao financeira;
(f) "Conselheiro" ou "Conselheiros", conforme o caso, significa,
respectivamente, um ou mais membros do Conselho de Administracao
(conforme abaixo definido);
(g) "Conselho de Administracao" ou "Conselho" significa o conselho de
administracao da Companhia;
(h) "Core Business" significa (i) mineracao, (ii) as atividades de
qualquer uma ou do conjunto das seguintes etapas dos sistemas
integrados de minerio de ferro
da CVRD, a saber, depositos minerais, jazidas, minas, ferrovias,
portos e terminais maritimos, e(iii) pelotizacao;
(i) "dia util", o dia util de expediente bancario integral na Cidade do
Rio de Janeiro, sendo que, para os fins deste Acordo, todos os prazos
serao contados excluindo-se o primeiro e incluindo-se o ultimo dia;
(j) "Diretor" ou "Diretores", conforme o caso, significa, respectivamente,
um ou mais membros da Diretoria (conforme abaixo definida);
(k) "Diretoria" significa a diretoria da Companhia;
(l) "Direito de Preferencia" significa o direito assegurado no Acordo as
demais Partes por qualquer Parte que deseje vender, ceder, transferir,
conferir ao capital de outra sociedade, transmitir ou, de qualquer
forma, alienar ou dispor de parte ou de todas as suas Acoes Ordinarias
Afetadas ou quaisquer direitos de subscricao delas decorrentes;
(m) "Direito de Subscricao" significa o direito das Partes a subscricao de
titulos e/ou valores mobiliarios de emissao da Companhia, desde que
decorrentes das Acoes Ordinarias Afetadas que, na data de sua emissao,
confiram, possam vir a conferir, ou que permitam a subscricao de valor
mobiliario de emissao da Companhia que confira ao seu titular direito
de voto em Assembleia Geral;
(n) "Estatuto" significa o estatuto social da Companhia aprovado no ato de
sua constituicao e posteriores alteracoes;
(o) "Presidente do Conselho" significa o presidente do Conselho;
(p) "Reuniao Previa" significa o encontro de representantes das Partes, a
ser realizado anteriormente as Assembleias Gerais e as reunioes do
Conselho de Administracao e as assembleias gerais e reunioes do
conselho de administracao da CVRD, com a finalidade de definir o voto
das Partes, dos seus representantes no Conselho e da Companhia e dos
membros do conselho de administracao da CVRD indicados pela Companhia
a ser manifestado nos referidos eventos, sempre que exigido pelo
Acordo.
1.2 Os termos ou expressoes utilizados neste Acordo e nao definidos acima terao
a mesma definicao a eles atribuida pelo Edital, por norma legal ou
regulamentar.
CLAUSULA II - PRINCIPIOS BASICOS DA COMPANHIA
2.1 As Partes concordam em estabelecer os seguintes principios basicos que
devem orientar as decisoes e o exercicio dos seus respectivos direitos de
voto nas Assembleias Gerais e reunioes do Conselho, bem como pela Companhia
ou seus representantes nas assembleias gerais e reunioes de conselho de
administracao da CVRD:
(a) O objeto da Companhia e exclusivamente a participacao no capital
social da CVRD, nao lhe sendo permitido exercer quaisquer outras
atividades comerciais ou de qualquer outra natureza, mesmo que com
seus acionistas;
(b) A gestao dos negocios da CVRD sera exercida por profissionais
experientes, independentes e capacitados, que atendam as qualificacoes
necessarias para os cargos por eles ocupados, sendo que eventuais
vinculos de emprego ou
referentes a qualquer outra forma de colaboracao profissional
existentes entre as Partes e os futuros administradores da CVRD
deverao ser definitivamente extintos antes de sua indicacao;
(c) As decisoes estrategicas da CVRD nas areas industrial, financeira,
comercial, bem como a politica de recursos humanos, serao sempre
motivadas pelo melhor interesse da CVRD, buscando garantir as Partes o
melhor retorno de seus investimentos, mediante urna politica
consistente de dividendos;
(d) As eventuais relacoes negociais das Partes com a CVRD serao sempre
conduzidas e realizadas em condicoes de mercado;
(e) As decisoes estrategicas no que tange a CVRD deverao ter como
objetivos basicos a manutencao e o crescimento de seu Core Business, o
desenvolvimento de novos projetos, especialmente na area mineral, e o
aumento da margem operacional, priorizando a reducao de custos e a
maximizacao do retorno sobre o investimento;
(f) A administracao da Companhia e da CVRD devera sempre buscar altos
niveis de lucratividade, eficiencia, produtividade e competitividade
nas suas atividades e das sociedades por ela controladas e a ela
coligadas;
(g) Cada Parte tomara todas as medidas necessarias e efetivas para que
sejam realizadas as Reunioes Previas em tempo habil, abstendo-se de
praticar atos que, de qualquer modo, impecam, posterguem ou dificultem
a realizacao das Reunioes Previas;
(h) A Diretoria e a administracao da CVRD serao responsaveis pela adequada
gestao das relacoes com os consumidores, orgaos reguladores,
acionistas minoritarios, comunidade e instituicoes publicas com as
quais a Companhia e a CVRD devem se relacionar.
2.2 As Partes se obrigam a comprometer seus votos nas Assembleias Gerais, bem
como os de seus representantes no Conselho de Administracao, para assegurar a
observancia dos principios basicos estabelecidos no item 2.1, bem como dos
demais itens deste Acordo. No que aplicavel, os principios basicos elencados no
item 2.1 serao observados com respeito as sociedades controladas por e coligadas
a CVRD.
CLAUSULA III - DIREITO DE PREFERENCIA NA TRANSFERENCIA DAS ACOES
ORDINARIAS AFETADAS E DE DIREITOS DE SUBSCRICAO
3.1 As Partes nao venderao, cederao, transferirao, gratuita ou onerosamente,
conferirao ao capital de outra sociedade, transmitirao, ou ainda, alienarao
ou disporao, sob qualquer forma, de suas Acoes Ordinarias Afetadas e nao
venderao, cederao, conferirao ao capital de outra sociedade, transferirao,
gratuita ou onerosamente, transmitirao, ou ainda, alienarao ou disporao,
sob qualquer forma, de seus Direitos de Subscricao, salvo se respeitadas as
disposicoes abaixo
3.2 No caso de uma das Partes ("Parte Ofertante") receber uma proposta
("Proposta') de quaisquer das Partes ou de terceiros ("Proponente") para
lhe vender, ceder, transferir, gratuita ou onerosamente, conferir ao
capital de outra sociedade, transmitir ou, de qualquer forma, dispor ou
alienar a totalidade ou parte de suas Acoes Ordinarias Afetadas ou Direitos
de Subscricao, a Parte Ofertante notificara, por escrito ("Aviso")
as demais Partes ("Partes Ofertadas"), oferecendo-lhes as Acoes Ordinarias
Afetadas que pretende alienar ("Acoes Ofertadas") ou o Direito de Subscricao que
pretende ceder ("Direitos Ofertados"), e informando o preco, moeda, local de
pagamento e todos os demais termos e condicoes da Proposta (incluindo o nome do
Proponente, sua qualificacao completa, e compromisso de, em adquirindo as Acoes
Ofertadas ou Direitos Ofertados, aderir a este Acordo) e a intencao da Parte
Ofertante de aceitar a Proposta, da qual devera anexar copia aos Avisos.
3 2.1 As Partes Ofertadas (ai incluida a Parte que tenha enviado a
Proposta, se for o caso) terao Direito de Preferencia na aquisicao das
Acoes Ofertadas e dos Direitos Ofertados nos mesmos termos e condicoes
da Proposta, na proporcao do numero de Acoes Ordinarias Afetadas de
que forem os titulares, sobre o total de Acoes Ordinarias Afetadas,
excluidas as Acoes Ordinarias Afetadas de propriedade da Parte
Ofertante. 0 exercicio do Direito de Preferencia estara sujeito aos
procedimentos abaixo indicados.
3 2.2 Cada Parte Ofertada somente podera exercer seu Direito de Preferencia
sobre a totalidade, e nao menos do que a totalidade, das Acoes
Ofertadas ou Direitos Ofertados a que fizer jus pela regra de
proporcao referida na parte final do item 3.2.1, sem prejuizo do
Direito de Preferencia sobre as Sobras, como abaixo definido, nao lhe
sendo facultado exercer seu Direito de Preferencia apenas sobre parte
das Acoes Ofertadas ou Direitos Ofertados a que fizer jus pela regra
de proporcao referenciada na parte final do item 3.2.1.
3.3 No prazo de 30 (trinta) dias contados da data do recebimento pelas Partes
Ofertadas do Aviso da Parte Ofertante, na forma do item 3.2, cada uma das
Partes Ofertadas devera, por sua vez, enviar notificacao por escrito
("Notificacao") a Parte Ofertante, indicando:
(a) que deseja exercer o Direito de Preferencia sobre a totalidade das
Acoes Ofertadas e/ou os Direitos Ofertados a que fizer jus pela regra
de proporcao referida no item 3.2.1, ou
(b) que deseja renunciar a seu Direito de Preferencia (sendo que a
ausencia de Notificacao nesse sentido, no prazo previsto, sera
entendida como renuncia ao Direito de Preferencia), nao sendo
permitida a cessao a qualquer tempo do Direito de Preferencia a
qualquer outra Parte ou a terceiros pelas Partes Ofertadas.
3.4 Na hipotese em que urna ou mais das Partes Ofertadas renunciem ao seu
respectivo Direito de Preferencia a aquisicao das Acoes Ofertadas e/ou
Direitos Ofertados a que fizer jus, as Acoes Ofertadas e/ou Direitos
Ofertados sobre as quais aquela(s) Parte(s) Ofertada(s) nao exercam seu
Direito de Preferencia (as "Sobras") deverao ser oferecidos as demais
Partes Ofertadas que tenham notificado a Parte Ofertante nos termos do item
3.3.a. supra, as quais, para tal, deverao ser notificadas pela Parte
Ofertante no prazo de 15 (quinze) dias seguintes ao termo final do prazo a
que se refere o item 3.3, para sobre elas exercerem seu Direito de
Preferencia.
3.4.1 Cada uma das Partes Ofertadas a aquisicao das Sobras somente podera
exercer seu Direito de Preferencia sobre a totalidade das Sobras. Caso
mais de uma Parte Ofertada a aquisicao das Sobras exerca seu Direito
de Preferencia sobre
as Sobras, tais Partes Ofertadas terao a obrigacao de adquirir as
Sobras na proporcao do numero de Acoes Ordinarias Afetadas de que
forem titulares sobre o total de Acoes Ordinarias Afetadas, excluidas
as participacoes de todos os demais acionistas.
3.4.2 Cada uma das Partes Ofertadas, notificadas para o exercicio do
Direito de Preferencia sobre as Sobras, devera responder a Parte
Ofertante, por escrito, no prazo de 15 (quinze) dias contados da data
do recebimento da notificacao da Parte Ofertante a que se refere o
item 3.4, indicando:
(a) que deseja exercer o Direito de Preferencia sobre a totalidade
das Sobras e nao menos que a totalidade das Sobras (nao lhe sendo
permitido exerce-lo sobre parte das Sobras); ou,
(b) que deseja renunciar a seu Direito de Preferencia sobre as Sobras
(sendo que a ausencia de resposta neste sentido, no prazo
previsto, sera entendida como renuncia ao Direito de Preferencia
sobre as Sobras), nao sendo permitida a cessao a qualquer tempo
do Direito de Preferencia sobre as Sobras a qualquer outra Parte
ou a terceiros pelas Partes Ofertadas.
3.5 Caso ao final do prazo previsto no item 3.4.2. acima, persistam Sobras, a
Companhia tera o direito de adquirir tais Sobras, desde que:
(a) atraves de qualquer de seus Diretores, devidamente autorizado pelo
Conselho de Administracao conforme o item 5.2. (j) abaixo, comunique a
Parte Ofertante de sua intencao nos 2 (dois) dias uteis subsequentes
ao termo final do prazo fixado no item 3.4.2 acima; e
(b) disponha de lucros ou reservas, exceto a legal, em montante suficiente
a aquisicao das Acoes Ofertadas e ou Sobras.
3.5.1. As Partes terao direito de preferencia a aquisicao das acoes do
capital social da Companhia com direito a voto mantidas em sua
tesouraria no momento em que venham a ser alienadas pela Companhia,
observado o procedimento descrito no item 3.3 acima, exceto no que
concerne ao direito de preferencia da Companhia quanto a aquisicao de
Sobras.
3.6 Findo os prazos estabelecidos no item 3.5, as Acoes Ofertadas e/ou os
Direitos Ofertados deverao ser alienados, no prazo de 15 (quinze) dias
seguintes, (i) as Partes Ofertadas que hajam notificado a Parte Ofertante,
no prazo prescrito, de sua intencao de adquirir as Acoes Ofertadas ou os
Direitos Ofertados e, eventualmente, as Sobras, nos mesmos termos e
condicoes da Proposta, e (ii) a Companhia, conforme seja o caso.
3.7 Caso a totalidade das Acoes Ofertadas e/ou os Direitos Ofertados nao seja
alienada para as Partes Ofertadas ou para a Companhia, nos termos dos itens
anteriores, conforme o caso, a Parte Ofertante estara livre para, nos
termos da Proposta, no prazo de 30 (trinta) dias seguintes ao fim do prazo
estabelecido no item 3.5. acima, alienar a totalidade das Acoes Ofertadas
e/ou os Direitos Ofertados ao Proponente ou, a criterio da Parte Ofertante,
alienar ao Proponente a parcela das Acoes Ofertadas e/ou os
Direitos Ofertados sobre as quais as Partes nao tenham exercido o direito
de preferencia, de modo assegurar que a Parte Ofertante possa alienar a
totalidade das Acoes Ofertadas e/ou os Direitos Ofertados.
3.8 O adquirente das Acoes Ofertadas estara obrigado a, de forma irrevogavel,
aderir, incondicional e irretratavelmente, aos termos deste Acordo, atraves
de aditamento ou mediante correspondencia enviada por Cartorio de Registro
de Titulos e Documentos a Companhia, na pessoa de seus Diretores, e as
outras Partes, sob pena de ineficacia da respectiva alienacao. Em se
tratando de Direito de Subscricao, o adquirente de Direitos Ofertados
obrigar-se-a a aderir a este Acordo a epoca da conversao dos titulos ou
valores mobiliarios em acoes com direito a voto ou da subscricao destas.
3.9 As restricoes quanto a transferencia de Acoes Ordinarias Afetadas previstas
no item 3.1 acima nao se aplicarao a transferencia de uma Acao Ordinaria
Afetada por uma Parte a Conselheiro e seu respectivo suplente indicados por
essa mesma Parte e que nao seja acionista da Companhia, observado que tal
Conselheiro e seu respectivo suplente deverao devolver as referidas acoes a
respectiva Parte quando deixarem de ser Conselheiro ou suplente, ou
transferi-las ao Conselheiro e seu respectivo suplente que os substituirem.
3.10 Qualquer venda, transferencia, cessao, disposicao ou alienacao de Acoes
Ordinarias Afetadas ou Direitos de Subscricao que viole o disposto nesta
Clausula III sera ineficaz, ficando a Companhia, desde ja, proibida de
registra-la em seus livros.
3.11 Cada uma das Partes devera remeter as demais Partes e a Companhia, na
pessoa de um de seus Diretores, copia de todos os Avisos e notificacoes que
enviarem, pertinentes ao exercicio do Direito de Preferencia de que trata
esta Clausula.
3.12 Caso a SPE Fundacoes proponha as demais Partes que INVESTVALE e/ou BNDESPAR
venham a se tornar acionistas da Companhia e adiram a este Acordo, desde
que aprovado unanimamente pelas demais Partes, tais Partes se comprometem,
neste ato, a votar favoravelmente, e em conjunto com a SPE Fundacoes, no
sentido de aprovar aumento do capital social da Companhia com a emissao de
acoes ordinarias, pelo mesmo preco por acao pago pela Companhia no Leilao:
(a) a serem subscritas pelo INVESTVALE e integralizadas com ate 4,45%
(quatro virgula quarenta e cinco por cento) das acoes ordinarias da CVRD
adquiridas na Oferta aos Empregados, bem como com as acoes ordinarias da
CVRD detidas pelo INVESTVALE em decorrencia da integralizacao efetuada pela
Fundacao Vale do Rio Doce de Seguridade Social - VALIA; (b) a serem
subscritas pelo BNDESPAR e integralizadas com ate 3,24% (tres virgula vinte
e quatro por cento) das acoes ordinarias da CVRD ora detidas pelo BNDESPAR;
(c) a serem subscritas pelo BNDESPAR, mediante cessao de direito de
subscricao efetuado pela SPE Fundacoes, e integralizadas com ate R$
500.000.000,00 (quinhentos milhoes de reais), conforme beneficio facultado
pelo BNDESPAR a sociedade vencedora do Leilao que aceitar a participacao
dos empregados da CVRD. Com relacao ao(s) aumento(s) de capital social da
Companhia descrito(s) nesta Clausula, as Partes renunciam desde logo aos
respectivos direitos de preferencia (i) a subscricao das novas acoes do
capital da Companhia, emitidas como previsto em (a) e (b) acima, e (ii) a
aquisicao dos direitos de subscricao a serem cedidos ao BNDESPAR como
previsto em (c) acima.
3.13. O Direito de Preferencia de que trata esta Clausula III nao se aplicara a
transferencias a controladas, controladoras e sociedades sob o mesmo
controle.
CLAUSULA IV - INTERDICAO DE CONSTITUICAO DE ONUS
4 1 E vedado a qualquer Parte caucionar ou constituir penhor, alienacao
fiduciaria ou qualquer outro direito real de garantia sobre as Acoes
Ordinarias Afetadas e/ou Direitos de Subscricao, salvo para garantir
obrigacoes assumidas por tal Parte para viabilizar a sua participacao na
Companhia e indiretamente no Leilao, sendo desde ja expressamente
autorizada a renegociacao de tais obrigacoes, a unico e exclusivo criterio
da Parte envolvida, sendo esta autorizacao, que e irrevogavel e
irretratavel, tambem extensiva a eventuais renegociacoes e reestruturacoes
futuras destes mesmos emprestimos e financiamentos, quer sob a mesma forma
original ou outra e quer com os mesmos credores originais ou nao. Esta
autorizacao e extensiva ao INVESTVALE, no caso em que venha a se tornar
acionista da Companhia e adira a este Acordo.
4.1.1 Nas hipoteses previstas no item 4.1, observada a autorizacao ali
expressa, a Parte interessada devera obter do credor declaracao
dirigida a Companhia de que tem plena ciencia da regra de direito de
preferencia prevista na Clausula III e de que a cumprira.
4.1.2 Para o fim de permitir o exercicio do Direito de Preferencia pelas
demais Partes, na eventualidade de execucao da garantia prevista nos
termos do item 4.1, o preco obtido na hasta publica sera considerado
como Proposta, conforme definido no item 3.2.
4.2 E vedado, ainda, a qualquer Parte, constituir usufruto ou qualquer outro
direito real de fruicao sobre as Acoes Ordinarias Afetadas e/ou Direitos de
Subscricao ou oferece-los a penhora, sem a previa, expressa e unanime
aprovacao das demais Partes, ressalvado o direito da SPE CSN, e de qualquer
parte que vier a aderir a este Acordo, constituir usufruto sobre o direito
a percepcao de dividendos, sob qualquer forma de distribuicao, sobre as
Acoes Ordinarias Afetadas, para garantir obrigacoes assumidas pela SPE CSN,
e de qualquer parte que vier a aderir a este Acordo, para viabilizar a sua
participacao na Companhia e indiretamente no Leilao, extensiva a eventuais
renegociacoes e reestruturacoes futuras dessas mesmas garantias ou
obrigacoes, a unico e exclusivo criterio da SPE CSN, e de qualquer parte
que vier a aderir a este Acordo, quer sob a mesma forma original ou outra e
quer com os mesmos credores originais ou nao.
4.3 Em caso de execucao de garantia, o adquirente das acoes ficara sujeito a
observancia do presente Acordo.
4.4 A Interveniente CSN e aos acionistas da SPE Fundacoes e vedado caucionar ou
constituir penhor, alienacao fiduciaria ou qualquer outro direito real de
garantia sobre as acoes de sua titularidade representativas do capital
social da SPE CSN e da SPE Fundacoes, respectivamente, salvo para garantir
obrigacoes assumidas pela CSN, ou por acionistas da SPE Fundacoes para
viabilizar a sua participacao indireta no Leilao, sendo desde ja
autorizada, tambem de forma irrevogavel e irretratavel, a renegociacao de
tais obrigacoes, a unico e exclusivo criterio da CSN, ou dos acionistas das
SPE Fundacoes, conforme o caso, sendo esta autorizacao extensiva a
eventuais
renegociacoes e reestruturacoes futuras destes mesmos emprestimos e
financiamentos, quer sob a mesma forma original ou outra e quer com os
mesmos credores originais ou nao.
4.5 No que se refere a interveniente NationsBank, a vedacao a constituicao de
gravames prevista nos itens 4.1. e 4.2. acima aplica-se tao somente as
Acoes de Controle de SPE Nations (assim entendidas as que representem a
metade mais uma das acoes com direito a voto do capital de SPE Nations),
ficando expresso que todas as demais acoes de SPE Nations que nao integrem
as Acoes de Controle de SPE Nations podem ser livremente oneradas por
qualquer forma e a qualquer titulo, independentemente de qualquer aprovacao
das demais Partes.
CLAUSULA V - DAS REUNIOES PREVIAS
5.1 As Partes deverao se reunir previamente a qualquer Assembleia Geral ou
reuniao do Conselho ou assembleia geral ou reuniao do conselho de
administracao da CVRD, conforme o caso. Nas Reunioes Previas, a cada Acao
Ordinaria Afetada cabera 1 (hum) voto e as decisoes tomadas deverao ser
registradas por escrito e vincularao os votos de todas as Partes na
respectiva Assembleia Geral, sendo certo, ainda, que as Partes se obrigam a
fazer com que seus representantes, nas reunioes do Conselho, votem de
acordo com o decidido nas Reunioes Previas.
5.2 Ressalvado o disposto nos demais itens desta Clausula V, nas Reunioes
Previas as materias serao decididas por maioria simples dos votos das
Partes presentes, computados conforme o item 5.1 acima.
5.2.1 As materias descritas a seguir serao necessariamente deliberadas em
Reuniao Previa e somente poderao ser aprovadas com o voto favoravel de
67% (sessenta e sete por cento) do total das Acoes Ordinarias Afetadas
das Partes presentes a Reuniao Previa, computado conforme o item 5.1
acima:
(a) Alteracoes do Estatuto da Companhia ou da CVRD, salvo em caso de
exigencia legal;
(b) Aumento do capital social da Companhia ou da CVRD por subscricao
de acoes, criacao de uma nova classe de acoes, mudancas nas
caracteristicas das acoes existentes ou reducao do capital dessas
sociedades;
(c) Emissao pela CVRD de debentures, conversiveis ou nao em acoes,
bonus de subscricao, partes beneficiarias a titulo oneroso,
opcoes para compra de acoes ou qualquer outro titulo mobiliario;
(d) Emissao pela Companhia de bonus de subscricao, opcoes para compra
de acoes ou qualquer outro titulo mobiliario, a excecao de
debentures e partes beneficiarias;
(e) Determinacao do preco de emissao de novas acoes do capital da
Companhia ou da CVRD e de quaisquer titulos mobiliarios;
(f) Operacoes de fusao, incorporacao e cisao em que a CVRD seja
parte, bem como sua transformacao;
(g) Requerimento pela Companhia ou pela CVRD, ou a respectiva
suspensao de processos de liquidacao, dissolucao, concordata,
falencia ou atos voluntarios de reorganizacao financeira;
(h) Eleicao e destituicao do Presidente do Conselho;
(i) Eleicao e destituicao do conselho de administracao, inclusive do
seu presidente, e da diretoria da CVRD;
(j) Alienacao ou aquisicao pela CVRD de participacoes no capital de
qualquer sociedade, bem como a aquisicao de acoes do capital da
Companhia ou da CVRD para permanencia em tesouraria;
(k) Participacao da CVRD em grupo de sociedades ou consorcios de
qualquer natureza;
(l) Celebracao de acordo de distribuicao, investimentos,
comercializacao, exportacao, transferencia de tecnologia, licenca
de marcas, exploracao de patentes, concessao de uso e
arrendamento em que a Companhia ou a CVRD seja parte, conforme
venha a ser regulado em Reuniao Previa com o quorum deste item
5.2.1.;
(m) Aprovacao e alteracao do Business Plan;
(n) Fixacao da remuneracao dos Conselheiros e dos conselheiros da
CVRD e das atribuicoes do Conselho e do conselho de administracao
da CVRD;
(o) Atribuicao de participacoes nos lucros aos administradores da
CVRD;
(p) Fixacao da remuneracao e das atribuicoes dos Diretores e dos
diretores da CVRD;
(q) Modificacao do objeto social da CVRD;
(r) Distribuicao de dividendos em montante diverso do previsto no
estatuto da CVRD ou sua nao distribuicao, e pagamento de juros
sobre o capital social da CVRD;
(s) Escolha e destituicao de auditor independente da Companhia e da
CVRD;
(t) Constituicao de onus reais ou prestacao de garantias, inclusive
fiancas pela CVRD, para garantir obrigacoes de terceiros,
inclusive coligadas e controladas da CVRD;
(u) Adocao de deliberacao acerca de qualquer materia que, por lei, de
ao acionista o direito de retirar-se da Companhia ou da CVRD
mediante o reembolso de suas acoes;
(v) Eleicao e destituicao, pela diretoria da CVRD, dos representantes
da CVRD nas sociedades por ela controladas ou a ela coligadas ou
em outras sociedades nas quais a CVRD tenha o direito de indicar
administradores; e
(x) Alteracao do limite maximo de endividamento da CVRD, da
respectiva relacao "debt/equity" e demais condicoes previstas no
item 5.2.4. abaixo.
5.2.2 Serao necessariamente submetidas a Reuniao Previa e dependerao da
aprovacao dos acionistas titulares de 100% (cem por cento) das Acoes
Ordinarias Afetadas as deliberacoes sobre:
(a) Contratacao de emprestimos ou financiamentos pela Companhia;
(b) Emissao de debentures, conversiveis ou nao em acoes, pela
Companhia,
(c) Emissao de partes beneficiarias, a qualquer titulo, pela
Companhia ou, a titulo gratuito, pela CVRD;
(d) Constituicao de onus reais e/ou prestacao de quaisquer garantias,
inclusive fiancas, pela Companhia;
(e) Fusao, cisao ou incorporacao em que seja parte a Companhia e sua
participacao em grupo de sociedades;
(f) Atribuicao de participacao nos lucros a administradores da
Companhia;
(g) Transformacao da Companhia.
5.2.3. Na hipotese em que a SPE Fundacoes venha a alienar ao BNDESPAR, no
prazo de 60 (sessenta) dias contados da data do Leilao, acoes
representativas de ate 10% (dez por cento) do capital ordinario da
VALEPAR, o percentual indicado no item 5.2.1 acima passara a ser de
75% (setenta e cinco por cento) do total das Acoes Ordinarias Afetadas
das Partes presentes a Reuniao Previa, computado conforme o item 5.1
acima.
5.2.4 As Partes se comprometem a fazer com que a Companhia, atraves dos
membros por elas indicados no conselho de administracao da CVRD, vote
de maneira que a CVRD nao incorra em endividamento liquido adicional
que somado ao endividamento liquido da CVRD naquele momento, exceda a
40% (quarenta por cento) do patrimonio liquido da CVRD, de modo que a
relacao "debt/equity" (endividamento/patrimonio liquido) de 40/60 na
CVRD nao seja ultrapassada. Para fins do disposto neste item,
entende-se por endividamento liquido o endividamento total com
terceiros, incluindo divida da CVRD com qualquer uma de suas
subsidiarias, controladas e/ou coligadas, e quaisquer garantias
prestadas pela CVRD a terceiros, e deduzidos o caixa e as aplicacoes
de curto, medio e longo prazo.
5.2.5 As Partes desde logo obrigam-se a votar e fazer com que os seus
representantes no Conselho de Administracao votem (se for o caso) para
o fim de determinar a Diretoria que vote nas assembleias gerais da
CVRD no sentido de que a CVRD distribua aos seus acionistas, a titulo
de dividendos, 50% (cinquenta por cento) do lucro liquido do exercicio
em questao. A distribuicao de dividendos em montante diverso ao
previsto neste item estara sujeita a aprovacao pelas Partes, em
Reuniao Previa, na qual a materia sera aprovada pelo quorum previsto
no item 5.2.1 acima.
5.2.6 As Partes obrigam-se a votar e fazer com que os seus representantes
no Conselho de Administracao votem (se for o caso) pela distribuicao
imediata da totalidade dos dividendos recebidos pela Companhia da
CVRD. As Partes instruirao o Conselho de Administracao a convocar a
Assembleia Geral ou reuniao do Conselho (se for o caso)
para deliberar sobre a redistribuicao dos dividendos tao logo sejam eles
recebidos da CVRD, aplicando-se a hipotese o art. 123 da Lei no. 6.404
de 15.12.76.
5.3 As Reunioes Previas, previstas no item anterior, obedecerao as seguintes
regras:
5 3.1 A Reuniao Previa ocorrera no terceiro dia util anterior ao da
realizacao de cada uma das Assembleias Gerais, Reunioes do Conselho ou
das assembleias gerais ou reunioes do conselho de administracao da
CVRD, quando tal convocacao houver sido feita por uma das Partes.
5.3.2 A Reuniao Previa ocorrera no terceiro dia util anterior ao de cada
uma das Assembleias Gerais, Reunioes do Conselho ou das assembleias
gerais ou reunioes do conselho de administracao da CVRD, quando a
convocacao de cada uma das Assembleias Gerais, Reunioes do Conselho ou
das assembleias gerais ou reunioes do conselho de administracao da
CVRD houver sido feita por terceiros.
5.3.3 A Reuniao Previa se realizara na Cidade do Rio de Janeiro em endereco
a ser definido entre as partes por maioria simples, sendo o mesmo
informado, por escrito, as demais Partes ate o 3 no. (terceiro)
dia anterior ao da Reuniao Previa.
5.3.4 A Reuniao Previa podera se realizar em qualquer local e a qualquer
tempo se a ela estiverem presentes todas as Partes.
5.3.5 A Reuniao Previa somente se instalara com representacao de quaisquer
duas das Partes.
5.3.6 As Partes deverao receber, com a maior antecedencia possivel, da
Companhia ou do conselho de administracao da CVRD, conforme o caso, a
agenda da Reuniao Previa e copia de todos os documentos pertinentes as
deliberacoes a serem tomadas.
5.4 Enquanto nao ocorrer a aprovacao da materia na Reuniao Previa, o assunto
nao podera ser submetido a apreciacao da Assembleia Geral ou do Conselho ou
da assembleia geral ou reuniao do conselho de administracao da CVRD. Na
hipotese em que nao for possivel deixar de apreciar a materia em Assembleia
Geral ou em assembleia geral da CVRD, as Partes deverao exercer seus
respectivos direitos de voto decorrentes das Acoes Ordinarias Afetadas para
o fim de suspender os trabalhos da Assembleia Geral ou da assembleia geral
da CVRD ate que a materia seja por elas aprovada em Reuniao Previa.
5.5 Em qualquer hipotese, as deliberacoes tomadas nas Reunioes Previas deverao
ser registradas por escrito e vincularao os votos de todas as Partes na
correspondente Assembleia Geral ou o voto dos Conselheiros por elas
indicados na correspondente reuniao do Conselho, quando a deliberacao for
tomada num desses colegiados.
5.6 A Parte que nao comparecer a Reuniao Previa compromete-se, desde logo, a
votar na Assembleia Geral e a fazer com que seus representantes votem na
reuniao do Conselho de acordo com o que vier a ser estabelecido na Reuniao
Previa a qual nao compareceu.
CLAUSULA VI - ELEICAO DOS CONSELHEIROS
6.1 As Partes se obrigam a votar e a fazer com que seus representantes votem
nas Reunioes Previas e Assembleias Gerais em que a eleicao de Conselheiros
for objeto de deliberacao de acordo com o disposto nesta Clausula.
6.2 O Conselho de Administracao sera composto de 12 (doze) Conselheiros
titulares e respectivos suplentes, eleitos de acordo com os seguintes
criterios:
6.2.1 Na primeira etapa, cada Parte indicara um numero de Conselheiros
igual a parte inteira do quociente obtido pela divisao da sua
participacao percentual no total de Acoes Ordinarias Afetadas por
8,33% (oito virgula trinta e tres por cento), aproveitando-se as
fracoes para a segunda fase, se for o caso.
6.2.2 Na segunda etapa, havendo vaga(s) de Conselheiro(s) a preencher, a
indicacao para o preenchimento de cada vaga cabera a Parte que detiver
a maior fracao restante da aplicacao da divisao efetuada na Ia. etapa,
sem que tal Parte possa concorrer a indicacao para o preenchimento das
eventuais vagas ainda remanescentes, para as quais o mesmo
procedimento sera aplicado. Fica observado que, caso haja empate entre
as fracoes consideradas, a indicacao do respectivo Conselheiro cabera
a Parte empatada que tiver indicado o menor numero de Conselheiros,
sendo que a Parte derrotada estara concorrendo a indicacao da vaga
subsequente, se for o caso.
6.3 Qualquer Parte podera, durante o periodo do(s) respectivo(s) mandato(s),
substituir o(s) Conselheiro(s) que tiver indicado. Em tal situacao, todas
as Partes votarao a favor do nome assim proposto na Assembleia Geral
convocada na forma da lei para tal fim, no prazo de 15 (quinze) dias
contados da comunicacao ao Presidente do Conselho feita pela Parte que
desejar substituir seu Conselheiro;
6.4 Sempre que possivel, as Partes abster-se-ao de deliberar qualquer assunto
de relevancia da Companhia ate que o processo de substituicao de
Conselheiros seja completado.
6.5 O Presidente do Conselho sera escolhido pelos Conselheiros, em reuniao do
Conselho convocada para tal fim, precedida da necessaria Reuniao Previa.
CLAUSULA VII - ELEICAO DA DIRETORIA
7.1 A Diretoria da Companhia sera composta de 2 (dois) Diretores, escolhidos
entre os Conselheiros, sendo um dos Diretores escolhidos entre os
Conselheiros indicados pela SPE Fundacoes e o outro Diretor escolhido
dentre os Conselheiros indicados pela SPE CSN.
CLAUSULA VIII - ELEICAO DA ADMINISTRACAO DA CVRD
8.1 Para fins de eleicao dos conselheiros de administracao da CVRD nas
respectivas assembleias gerais, as Partes indicarao a totalidade dos
conselheiros cuja indicacao couber a Companhia proporcionalmente a
participacao das Partes na Companhia.
8.2 O Presidente do conselho de administracao da CVRD sera escolhido dentre os
conselheiros, em reuniao do conselho de administracao da CVRD convocada
para tal fim, precedida da necessaria Reuniao Previa.
8.3 O diretor-presidente da CVRD sera selecionado entre os nomes propostos em
lista triplice elaborada por empresa internacional de selecao de executivos
("head hunter") e eleito em reuniao do conselho de administracao da CVRD
convocada para tal fim, precedida da necessaria Reuniao Previa.
8 4 Cabera ao diretor-presidente da CVRD propor ao conselho de administracao da
CVRD os nomes dos demais diretores da CVRD, que serao eleitos em reuniao do
conselho de administracao da CVRD convocada para tal fim, precedida da
necessaria Reuniao Previa.
CLAUSULA IX - RELACOES COMERCIAIS ENTRE CVRD COM AS PARTES OU TERCEIROS
9.1 As relacoes comerciais e negocios em geral da CVRD deverao sempre ser
contratados tendo em vista, primordialmente, o interesse da CVRD e ser
compativeis com condicoes e praticas equitativas as de mercado, verificadas
a epoca da contratacao de tais negocios.
CLAUSULA X - EXERCICIO DO DIREITO DE VOTO
10.1 Alem das providencias previstas neste Acordo, as Partes concordam em fazer
uso do direito de voto pertinente as suas Acoes Ordinarias Afetadas e a
tomar quaisquer outras providencias necessarias para o exato cumprimento do
Acordo, vedado a qualquer das Partes celebrar outros acordos de voto, com
excecao do acordo que eventualmente seja celebrado entre INVESTVALE e
BNDESPAR, caso venham a se tornar acionistas da Companhia e adirao a este
Acordo e ao acordo de acionistas anexo ao Edital
10.1.1. Para os fins desta clausula consideram-se Acoes Ordinarias Afetadas
tambem as acoes ordinarias de emissao de CVRD porventura detidas em
carteira pelas acionistas de cada SPE que nao tenham sido
integralizadas a VALEPAR, pelo que deverao os acionistas das SPEs
exercer os respectivos direitos de voto em conformidade com as
diretrizes definidas na Reuniao Previa aqui prevista.
10.2 No caso em que alguma Parte ou sua controladora entre em processo de
falencia, concordata, liquidacao judicial ou extrajudicial, sofra
intervencao do poder publico, ou tenha sua dissolucao deliberada, todas as
Acoes Ordinarias Afetadas detidas por tal Parte permanecerao sujeitas a
todas as clausulas e condicoes deste Acordo, ficando entretanto suspenso o
exercicio dos seus respectivos direitos de voto, inclusive nas Reunioes
Previas.
CLAUSULA XI - AQUISICAO PELAS PARTES DE ACOES DA CVRD
11.1 A Companhia tera direito de preferencia em relacao as Partes a aquisicao, a
qualquer tempo, de acoes do capital social da CVRD.
11.2 Ainda que nao interesse a Companhia adquirir acoes do capital social da
CVRD, e vedado a qualquer das Partes adquiri-Ias diretamente, salvo
mediante autorizacao das demais Partes, a ser tomada em reuniao na qual a
questao sera aprovada pelo quorum de deliberacao estabelecido no
item 5.2.1
CLAUSULA XII - FISCALIZACAO DA COMPANHIA
12.1 A Parte que o desejar podera, a qualquer tempo, por meio do auditor
independente da Companhia, fiscalizar os livros, registros e outros
documentos da Companhia ou da CVRD, arcando a Parte com todos os custos e
onus correspondentes e tomando as medidas necessarias para nao estorvar o
funcionamento da Companhia e da CVRD ou da administracao de qualquer delas.
CLAUSULA XIII - TRANSFERENCIA DO CONTROLE DAS PARTES
13.1 O controle acionario de qualquer das Partes nao podera sofrer qualquer
alteracao sem que a Parte cujo controle sera transferido ofereca,
anteriormente, as Acoes Ordinarias Afetadas as demais Partes, observados os
principios contidos na Clausula III, referentes ao exercicio do Direito de
Preferencia. Para os fins do exercicio do Direito de Preferencia de que
trata este item, sera considerado como Proposta (termo definido no item
3.2) o preco a ser estabelecido por avaliador escolhido por consenso entre
as Partes.
13.1.1 Enquanto nao concluidos os procedimentos previstos na Clausula III
deste Acordo, a Parte cujo controle foi transferido sem a observancia
do disposto no item 13.1. nao podera participar das Reunioes Previas e
as Acoes Ordinarias Afetadas de sua propriedade terao suspenso o seu
direito de voto.
13.2 Para os fins desta Clausula, nao sera entendida como alteracao de controle
acionario: (a) da SPE Fundacoes, as transferencias de acoes do seu capital
social, desde que entre os seus atuais acionistas e/ou para entidades
fechadas de previdencia privada; e (b) das demais Partes, as transferencias
de acoes do seu capital social, desde que entre os seus atuais acionistas,
obedecido o disposto abaixo.
13.3 Para os fins desta Clausula:
(a) O interveniente CSN devera deter direta ou indiretamente, a qualquer
tempo, a totalidade das acoes com direito a voto do capital de sua
respectiva SPE (que devera corresponder, no minimo, direta ou
indiretamente, a 51% (cinquenta e um por cento) do capital total) e a
transferencia de qualquer dessas acoes ensejara as demais Partes o
Direito de Preferencia nos termos do item 13.1 acima;
(b) a interveniente NationsBank, isoladamente ou em conjunto com um unico
outro investidor a ser por ela informado as Partes deste Acordo ate a
data de eficacia deste Acordo, devera deter direta ou indiretamente, a
qualquer tempo, as Acoes do Controle da SPE Nations (conforme
definidas no item 4.5. acima), cujo capital votante devera
corresponder, no minimo, a 1/3 (um terco) do capital total, e a
transferencia de qualquer das Acoes do Controle da SPE Nations,
ensejara as demais Partes o Direito de Preferencia nos termos do item
13.1 acima;
(c) nao serao entendidas como alteracao de controle acionario da parte SPE
CSN as transferencias de acoes de seu capital social a seu acionista
controlador e/ou controladas da SPE CSN e/ou a controlada de seu
acionista controlador, aplicando-se ao novo acionista as mesmas regras
aplicaveis a respectiva SPE nos termos deste Acordo;
(d) nao serao entendidas como alteracao de controle acionario da parte SPE
Nations as transferencias de acoes de seu capital social a seu
acionista controlador e/ou controladas da SPE Nations e/ou a
controlada de seu acionista controlador, nem, rio caso de acionistas
da SPE Nations constituidos sob a forma de fundo de investimento ou
veiculo de investimento coletivo semelhante, transferencias de quotas
de fundo ou veiculo, ou transferencia das acoes do capital da SPE
Nations a fundos administrados pelo mesmo gestor profissional do
acionista da SPE Nations, desde que esse mesmo gestor profissional
mantenha, em tais hipoteses, a titularidade da maioria das quotas com
direito a voto representativas do patrimonio do fundo adquirente de
tais acoes do capital da SPE Nations, aplicando-se ao novo acionista
as mesmas regras aplicaveis a respectiva SPE nos termos deste Acordo;
e
(e) as Partes, com excecao da SPE Nations, a qual se aplica a norma de (b)
acima, poderao emitir acoes de seu capital sem direito a voto ate o
limite de 49% (quarenta e nove por cento) do seu capital total.
CLAUSULA XIV - DECLARACOES, GARANTIAS E OBRIGACOES
14.1 Cada Parte declara e garante para as outras Partes que:
(i) e entidade devidamente organizada, existindo validamente e que esta em
boa situacao, de acordo com as leis da jurisdicao do local de sua
constituicao;
(ii) possui todo o poder e autoridade necessarios para possuir as Acoes
Ordinarias Afetadas e executar as obrigacoes previstas neste Acordo;
(iii) a assinatura e cumprimento do Acordo foram autorizados por todos os
seus atos societarios e dos seus controladores (se necessario) e (a)
nao violam, nem violarao qualquer lei, regra, regulamento, ordem ou
decreto que lhe seja aplicavel, nem (b) violam seus estatutos e demais
atos constitutivos;
(iv) este Acordo e uma obrigacao legal que obriga as Partes, sendo contra
elas exequivel, de acordo com seus termos; e
(v) nao ha qualquer litigio pendente em que tal Parte ou qualquer de suas
Associadas seja parte, que, se adversamente decidida, possa ter efeito
substancial adverso na condicao financeira de tal Parte ou em sua
aptidao para cumprir as suas obrigacoes previstas no presente Acordo.
CLAUSULA XV - CONFIDENCIALIDADE
15.1 As Partes, por seus conselheiros, diretores, empregados e representantes,
concordam em manter sigilosas e nao divulgar a terceiros, sem o previo
consentimento escrito de todas as Partes, informacoes privilegiadas que
digam respeito as atividades e aos negocios da Companhia ou da CVRD a que
eles tenham tido acesso na qualidade de acionista da Companhia e da CVRD.
CLAUSULA XVI - ALTERACAO
16.1 Qualquer alteracao ou modificacao a este Acordo so podera ser feita ou
obrigara as Partes, se escrita e assinada por todas as Partes.
CLAUSULA XVII - RENUNCIAS
17.1 O fato de qualquer Parte deixar de exigir, a qualquer tempo, o cumprimento
do disposto neste Acordo ou deixar de exercer alguma opcao, alternativa ou
direito nele outorgado, nao significara renuncia a qualquer de suas
disposicoes ou tampouco afetara sua validade ou direito, no todo ou em
parte, assegurado a qualquer Parte, posteriormente exigir o cumprimento de
toda e qualquer disposicao deste Acordo, bem como de exercer aludida opcao,
alternativa ou direito, salvo quando disposto diversamente e de forma
expressa neste Acordo. Nenhuma renuncia a qualquer disposicao deste Acordo
sera eficaz perante as outras Partes, a menos que por escrito e efetuada
por representante legal da Parte renunciante.
CLAUSULA XVIII-CESSAO
18.1 Os direitos e obrigacoes das Partes neste Acordo nao poderao ser
transferidos ou cedidos na totalidade ou em parte, salvo da forma prevista
neste Acordo ou mediante o previo consentimento por escrito das demais
Partes.
CLAUSULA XIX - COMUNICACOES
19.1 Todas as comunicacoes previstas ou permitidas neste Acordo deverao ser
feitas por escrito e serao consideradas como devidamente feitas quando
transmitidas via telex, telegrama, fac-simile ou por transmissao eletronica
de dados (em cada caso sujeitas ao recebimento de codigo apropriado de
recepcao ou qualquer confirmacao de recebimento), ou quando entregue por
portador ou enviada mediante carta registrada ao endereco das Partes ou das
pessoas autorizadas a receber tal comunicacao, nos enderecos a serem
informados por cada Parte a Diretoria da Companhia.
CLAUSULA XX - PRAZO DE VALIDADE
20.1 O Acordo tera validade por um periodo inicial de 20 (vinte) anos, contados
da data de sua eficacia, prorrogaveis por iguais periodos de 10 (dez) anos,
a criterio das Partes
CLAUSULA XXI - ARQUIVAMENTO.
21.1 De acordo com o art. 118 da Lei 6.404, de 15 de dezembro de 1976, uma das
vias deste Acordo sera arquivada na sede da Companhia. As obrigacoes
resultantes deste Acordo serao registradas no Livro de Registro de Acoes
Nominativas da Companhia e nos respectivos Certificados de Acoes,
constituindo o mencionado registro impedimento a pratica de quaisquer atos
contrarios as disposicoes deste Acordo, estando, portanto, a Companhia
legitimamente autorizada a nao efetuar, nesse caso, o registro desses atos
e, portanto, recusar a transferencia da propriedade ou titularidade de
quaisquer direitos sobre as Acoes Ordinarias Afetadas e/ou Direitos de
Subscricao.
CLAUSULA XXII - OBRIGATORIEDADE
22.1 Os termos e condicoes do Acordo beneficiarao e obrigarao irrevogavel e
irretratavelmente as Partes e seus respectivos sucessores a qualquer titulo
e cessionarios.
CLAUSULA XXIII - LEI APLICAVEL
23.1 Este Acordo e os direitos e as obrigacoes das Partes e da Companhia dele
decorrentes serao regidos e interpretados de acordo com as leis do Brasil.
CLAUSULA XXIV - ARBITRAGEM
24.1 Toda e qualquer questao que possa surgir entre as Partes com relacao a este
Acordo que nao possa ser solucionada amigavelmente sera submetida a
arbitragem, nos termos da Lei 9.307, de 26 de setembro de 1996.
24.2 A arbitragem se processara de acordo com o regulamento da Comissao de
Arbitragem da Associacao Comercial do Rio de Janeiro, funcionando com um ou
mais arbitros nomeados na conformidade do referido regulamento.
24.3 As Partes em divergencia poderao, de comum acordo, promover conciliacao
antes da instalacao da arbitragem, hipotese em que o conciliador sera
indicado na forma prevista no item 24.2.
CLAUSULA XXV - DISPOSICOES TRANSITORIAS
25.1 As Partes obrigam-se a, tao logo quanto possivel, fazer convocar Assembleia
Geral da Companhia e a nela votar para adaptar, no que seja necessario, o
Estatuto ao disposto neste Acordo. Em caso de conflito prevalecerao: (a) as
normas deste Acordo sobre as normas do Estatuto (exceto sobre aquelas
clausulas essenciais estipuladas no Edital), e (b) as normas do Acordo de
Acionistas cujo modelo constitui anexo ao Edital sobre as normas deste
Acordo.
CLAUSULA XXVI - DISPOSICOES ESPECIFICAS
26.1 Na hipotese em que os SWEET RIVER FUND., fundo de investimentos constituido
de acordo com as leis das Ilhas Cayman, administrado por Opportunity Asset
Mangement Inc., venha, atraves de sua SPE ELETRON Participacoes S.A., a
adquirir acoes ordinarias do Capital da Companhia e a aderir a este Acordo,
as Partes desde ja concordam que cabera a essa acionista:
(a) indicar um dos membros do conselho fiscal da CVRD, a ser eleito em
assembleia geral da CVRD; e,
(b) indicar, em lista triplice, empresas de auditoria independente
internacionalmente reconhecidas, entre as quais uma sera escolhida
pelas Partes, em Reuniao Previa, como previsto no item 5.2 (s).
E, por estarem justas e contratadas, firmam o presente instrumento em 6 (seis)
vias de igual teor, na presenca das 02 (duas) testemunhas abaixo.
Rio de Janeiro, de de 1997.
--- -----
LITEL PARTICIPACOES S.A.
Por:
----------------------------
Nome:
Cargo
CSN STEEL CORP.
Por:
----------------------------
Nome:
Cargo
SWEET RIVER INVESTIMENTS, LTD.
Por:
----------------------------
Nome:
Cargo
Continuacao da pagina de assinaturas do Anexo II ao Acordo de Investimento entre
Caixa de Previdencia dos Funcionarios do Banco do Brasil -Previ, Fundacao
Petrobras de Seguridade Social - Petros, Fundacao Cesp, Fundacao dos
Economiarios Federais - Funcef, Companhia Siderurgica Nacional, e NationsBank
Corporation, de abril de 1997
Intervenientes:
VALEPAR S.A.
Por:
----------------------------
Nome:
Cargo:
COMPANHIA SIDERURGICA NACIONAL
Por:
----------------------------
Nome:
Cargo:
NATIONSBANK CORPORATION
Por
----------------------------
Nome:
Cargo:
Testemunhas:
1. 2.
--------------------- ----------------------
Nome: Nome:
CPF: CPF:
FREE TRANSLATION
APRIL 8, 2002
PRIVATE INSTRUMENT OF
SHAREHOLDERS' AGREEMENT OF VALEPAR S.A.
The undersigned:
I. LITEL PARTICIPACOES S.A., a company duly organized and existing under the
laws of Republic Federative of Brazil, with head offices at Avenida Presidente
Wilson, 231, 10th floor, in the City of Rio de Janeiro, State of Rio de Janeiro,
enrolled with the Federal Taxpayers' Register (CNPJ/MF) under no.
00,743,065/0001-27, herein represented by its undersigned legal representatives
(hereinafter referred to as "SPE Fundacoes");
II. CSN STEEL CORP., a company duly organized and existing under the laws of
Cayman Islands, with head offices at Ugland House, PO Box 309, George Town,
Cayman, British West Indies, herein represented by its undersigned legal
representatives (hereinafter referred to as "SPE CSN");
III. SWEET RIVER INVESTMENTS, LTD., a company duly organized and existing under
the laws of Cayman Islands, with head offices at Ugland House, PO Box 309,
George Town, Cayman, British West Indies, herein represented by its undersigned
legal representatives (hereinafter referred to as "SPE NATIONS");
(SPE Fundacoes, SPE CSN and SPE NATIONS, individually referred as "Party" and
collectively referred to as "Parties")
2
As Intervening Parties:
IV. VALEPAR S.A., a company duly organized and existing under the laws of
Republic Federative of Brazil, with head offices at Rua Lauro Muller, 116, 36
floor, in the City of Rio de Janeiro, State of Rio de Janeiro, enrolled with the
Federal Taxpayers' Register (CNPJ/MF) under no. 01,772,413/0001-57, herein
represented by its undersigned legal representatives (hereinafter referred to as
"Company");
V. COMPANHIA SIDERURGICA NACIONAL, a company duly organized and existing under
the laws of Republic Federative of Brazil, with head offices at Rua Lauro
Muller, 116, 36 floor, in the City of Rio de Janeiro, State of Rio de Janeiro,
enrolled with the Federal Taxpayers' Register (CNPJ/MF) under no.
33,042,730/0001-04, herein represented by its undersigned legal representatives,
and in the quality of shareholder holding of all common shares of SPE CSN
capital stock (hereinafter referred to as "CSN"); and
VI. NATIONSBANK CORPORATION, a company duly organized and existing under the
laws of North Caroline, United States of America, with head offices at 100 North
Tryon St., Charlotte, North Caroline, United States of America, member of the
controlling group of SPE Nations, through its subsidiary Blue Ridge Investments
L.L.C., herein represented by its undersigned legal representatives (hereinafter
referred to as "NationsBank"),
WHEREAS:
.. The Parties hold the totality of the shares in which is divided the capital
stock of the Company;
3
.. The Company wishes to acquire through the Public Bid ("Bid") of Companhia
Vale do Rio Doce ("CVRD") common shares which represent the capital stock
of CVRD;
.. In order to pay in other common shares issued by the Company, other than
those acquired by SPE Fundacoes by means of subscription to common shares
paid in with Brazilian currency, the SPE Fundacoes shall contribute to the
capital stock of the Company common shares representing, approximately,
10.03% of the common capital stock of CVRD;
.. If the Company wins the Bid and considering the payment of shares referred
to in the previous whereas, the Company shall be the owner of common shares
which represent the capital stock of CVRD, becoming thereby the controlling
shareholder of CVRD;
.. The Parties wish to regulate their respective rights and obligations
resulting from their shareholding position representing the totality of the
capital stock of the Company, and thus responsible for the appointment of
the Company's administrators and for their orientation towards the exercise
of the controlling power at the Shareholders' Meetings and board of
directors' meetings of CVRD;
.. The Parties are acquainted with all the rules and conditions set forth in
the Public Bidding no. PND-A- 01197/CVRD ("Public Bidding"), as well as
with all regulations applicable thereto, and there is no impairment which
would restrict the execution and delivery of this Agreement by any of the
Parties;
.. The Parties acknowledge the possibility of Clube de Investimentos dos
Empregados da CVRD ("INVESTVALE") and/or BNDES Participacoes S.A.
("BNDESPAR") hold equity interest in the Company, as set forth in the
Public Bid;
4
.. The parties shall execute the Shareholders' Agreement according to the
Exhibit I of the Public Bid, and should its clauses and conditions conflict
with or result in any violations of any provisions hereto, such clauses and
conditions, shall prevail for all legal effects of law.
.. One of the purposes of the Parties is to achieve a share management of
CVRD, with due regard to the rights of each one of the Parties, considering
the fact that, each one of the Parties, individually, is a minority
shareholder of the Company; and
.. The Parties wish to regulate certain aspects of their relations as common
shareholders of the Company, according to article 118 of Law 6,404 of
December 15, 1976.
NOW THEREFORE, THE PARTIES RESOLVE
to execute this Shareholders' Agreement, which is governed by the clauses and
conditions set forth herein, the effectiveness of which is subject to the
Company's winning the Bid and if so, this Agreement shall become effective on
the date that SPE Fundacoes pays in the capital increase of the Company with its
common shares issued by CVRD, which shall occur no later than the day before the
Bid Settlement Date.
CLAUSE I DEFINITIONS
1.1. Notwithstanding other definitions set forth in this Agreement, the
following terms are used herein as defined below:
(a) "Affected Common Shares " means all common shares issued by the
Company owned, on the date effectiveness date of this Agreement, by
any
5
Party, including the new common shares resulting from by splittings,
bonuses, amalgamations, spin-offs, mergers and subscriptions or by any
other way granted to the Parties, regarding the property of the
Affected Common Shares on the effectiveness date hereof and subject
thereto;
(b) "Agreement" means this Instrument;
(c) "Shareholders' Meeting" or "Shareholders' Meetings", as the case may
be, means respectively, the shareholders' meeting or shareholders'
meetings of the Company;
(d) "Affiliate" or "Affiliates" means, as the case may be, in relation to
any Party, any individual, legal entity, investment fund, condominium,
securities portfolio and any other kind of organization, resident or
with head offices in Brazil or abroad: (i) which is directly or
indirectly controlled by such Party; (ii) which directly or indirectly
controls the referred Party, also by means of a Shareholders'
Agreement; (iii) which is directly or indirectly controlled by any
person which directly or indirectly controls such Party; (iv) in which
the controlling shareholder of the Party holds, directly or
indirectly, a corporate interest equivalent to or exceeding 35% of the
capital stock; (v) in which such Party holds, directly or indirectly,
a corporate interest equivalent to or exceeding 35% of the capital
stock; or which (vi) holds, directly or indirectly, a corporate
interest equivalent to or exceeding 35% of such Party's capital stock,
being hereby established that the meaning of control used herein is
defined in Article 116 of the Brazilian Corporation Law;
6
(e) "Business Plan" shall mean the five-year investment and divestiture
plan of CVRD, to be revised annually before the approval of the
respective annual budget and shall include all the investment,
divestiture and financial management policies;
(f) "Director" or "Directors", as the case may be, means respectively one
or more members of the Board of Directors (as defined below);
(g) "Board of Directors" or "Board" means the board of directors of the
Company;
(h) "Core Business" means (i) mining, (ii) the activities of any or all of
the following phases of the iron ore integrated systems of CVRD,
mineral deposits, mines, railways, harbours and shipping terminals,
and (iii) pelletizing;
(i) "Business day" means the business day of banking working hours in the
city of Rio de Janeiro, considering that for the purposes of this
Agreement all terms provided hereunder shall be counted excluding the
first day and including the last day;
(j) "Officer' or "Officers", as the case may be, means respectively one or
more members of the Board of Officers (as defined below);
(k) "Board of Officers" means the board of officers of the Company;
7
(I) "Right of First Refusal" means the right granted to the other Parties
by any Party which wishes to sell, assign, transfer, pay in the
capital stock of another company with, transmit, or in any other way,
dispose of part or all of its Affected Common Shares or any
subscription rights resulting therefrom;
(m) "Subscription Rights" means the right to which the Parties are
entitled to subscribe to any securities issued by the Company,
provided such securities result from the Affected Common Shares, which
on the date of issuance thereof, entitle, may entitle or permit the
subscription to security to be issued by the Company which grants to
its owner voting right in the Shareholders' Meeting;
(n) "By-laws" means the by-laws of the Company approved with its acts of
incorporation and amendments thereto;
(o) "Chairman of the Board" means the chairman of the Board;
(p) "Prior Meeting" means the meeting of the representatives of the
Parties to be held prior to the Shareholders' Meetings and to Board of
Directors' meetings and to the shareholders' meetings and to the board
of directors' meetings of CVRD, for the purpose of determining the
vote by the Parties, by their representatives in the Board and by the
Company and by the members of the board of directors of CVRD appointed
by the Company, as required by this Agreement;
8
1.2. The terms and expressions referred to in this Agreement and not
defined above shall have the same meaning set forth in the Public Bidding or in
any legal or regulatory provision.
CLAUSE II BASIC PRINCIPLES OF THE COMPANY
2.1. The Parties agree to establish the following basic principles that
shall guide the decisions and the exercise of their respective voting rights in
the Shareholders' Meetings and meetings of the Board, as well as by the Company
or its representatives in the shareholders' meetings and meetings of the board
of directors of CVRD:
(a) the corporate purpose of the Company is the direct participation in
the capital stock of CVRD, being the Company forbidden to develop any
other commercial activity or of any kind whatsoever, even with its
shareholders;
(b) CVRD business shall be managed by experienced, independent and skilled
professionals who meet the qualifications required for the offices
which they hold, to the extent that any eventual employment
relationship or any professional contribution or cooperation existing
between the Parties and CVRD future administrators shall be fully
extinguished prior to their appointments;
(c) the strategic decisions of CVRD in the industrial, financial,
commercial areas, as well the human resources policies, shall always
be motivated in the best interest of CVRD, aiming at the Parties' the
best return for their investments, through a consistent dividend
policy.
9
(d) any business relations of the Parties with CVRD shall be conducted and
effected under market conditions.
(e) the strategic decisions regarding CVRD shall have as basic purpose the
maintenance and growth of its Core Business, the development of new
projects, especially in the mineral area, and the increase of
operational margin, preferably reducing costs and maximizing
investment returns.
(f) the management of the Company and of CVRD shall envisage high levels
of profitability, efficiency, productivity and competitiveness in
their activities and in the companies controlled by the Company and
related companies.
(g) each Party shall take all necessary and effective measures towards the
occurrence of the Prior Meetings in time, refraining from actions that
in any way prevent, postpone or impair the occurrence of the Prior
Meetings.
(h) the Board of Officers and the management of CVRD shall be responsible
for the adequate relationship of CVRD with the consumers, regulatory
bodies, minority shareholders, community and public institutions, with
which the Company and the CVRD shall deal.
2.2. The Parties undertake to exercise their respective voting rights in
the Shareholders' Meeting, and the voting rights of their representatives in the
Board of Directors, so as to comply with the basic principles set forth in item
2.1. above, as well as with the other provisions of this Agreement. The
controlled or related companies of CVRD shall comply, as far as applicable with,
the basic principles described in item 2.1.
10
CLAUSE III RIGHT OF FIRST REFUSAL IN THE TRANSFER OF AFFECTED COMMON SHARES AND
OF SUBSCRIPTION RIGHTS
3.1. The Parties shall not sell, assign, transfer, either free of charge or
upon compensation, pay in the capital stock of another company with, transmit
nor dispose of, in any way, their Affected Common Shares, and shall not sell,
assign, transfer, either free of charge or upon compensation, pay in the capital
stock of another company with, transmit or dispose of, in any way, their
Subscription Rights, except as provided under the terms set forth below.
3.2. In the event any Party ("Offering Party") receives a valid proposal
("Proposal") from any Party or third parties ("Interested Party') to sell,
assign, transfer, either free of charge or upon compensation, pay in the capital
stock of another company with, transmit or dispose of, in any way, all or part
of its Affected Common Shares or Subscription Rights, the Offering Party shall
notify, in writing ("Notice") the other Parties ("Offered Parties"), offering
the Affected Common Shares subject to the Proposal ("Offered Shares") or the
Subscription Right subject to the Proposal ("Offered Rights"), informing the
price, currency, place of payment and any other terms and conditions of the
Proposal (including the name of the Interested Party, its full identification,
and its commitment to adhere to this Agreement upon acquisition of the Offered
Shares or Offered Rights) as well as the intention of the Offering Party to
accept the Proposal, to which the Notices shall be attached.
3.2.1. The Offered Parties (including the Party which has sent the
Proposal, as the case may be) shall be entitled to the Right of First Refusal in
the acquisition of the Offered Shares or Offered Rights, under the same terms
and conditions set forth in the
11
Proposal, proportionally to their Affected Common Shares vis-a-vis the totality
of Affected Common Shares, excluded therefrom the Affected Common Shares held by
the Offering Party. The exercise of the Right of First Refusal shall be subject
to the procedures set forth below.
3.2.2. Each Offered Party shall only exercise its Right of First Refusal in
respect to all, and not less than all, the Offered Shares or Offered Rights to
which the Offered Party is entitled to according to the proportion referred to
in item 3.2.1 above, with due regard to the Right of First Refusal in relation
to Unsubscribed Securities, as provided below. The Offered Party may not
exercise its Right of First Refusal in respect to part of the Offered Shares or
Offered Rights to which the Offered Party is entitled to according to the
proportion referred to in item 3.2.1.
3.3. Within thirty (30) days counted as from receipt by the Offered Parties
of the Notice sent by the Offering Party, as per item 3.2. above, each Offered
Party shall in turn notify in writing ("Notification") the Offering Party,
expressing:
(a) its desire to exercise the Right of First Refusal in respect to all of
the Offered Shares and/or Offered Rights to which the Offered Party is
entitled to according to the proportion referred to in item 3.2.1; or
(b) its desire to waive the Right of First Refusal (considering that the
absence of a timely sent Notification in this regard shall be deemed
as a waiver to the Right of First Refusal), not being permitted at any
time the assignment of the Right of First Refusal by the Offered Party
to any Party or third parties.
12
3.4. If one or more Offered Parties waive its Right of First Refusal for
the acquisition of the Offered Shares and/or Offered Rights to which they are
entitled, the Offered Shares and/or Offered Rights not subject to the exercise
of Right of First Refusal by the Offered Parties ("Unsubscribed Securities")
shall be offered to the other Parties which shall have notified the Offering
Party as per 3.3.(a) above, and such other Offered Parties shall be notified by
the Offering Party, within 15 (fifteen) days upon expiry of the term referred to
in item 3.3., so as to exercise their Right of First Refusal in respect to the
Unsubscribed Securities.
3.4.1. Each Offered Party shall only exercise its Right of First Refusal in
respect to all, and not less than all, the Unsubscribed Securities. If more than
one Offered Party exercise its Right of First Refusal regarding the Unsubscribed
Securities, such Offered Parties shall acquire the Unsubscribed Securities
proportionally to their Affected Common Shares vis-a-vis the totality of
Affected Common Shares, excluded therefrom the equity participation of the other
shareholders.
3.4.2. Within fifteen (15) days counted as from receipt by the Offered
Parties of the notice sent by the Offering Party for the exercise of Right of
First Refusal regarding the Unsubscribed Securities, as per item 3.4. above,
each Offered Party shall notify in writing the Offering Party, expressing:
(a) its desire to exercise the Right of First Refusal in respect to all,
and not less than all, the Unsubscribed Securities (not being
permitted the exercise of such right in respect to part of the
Unsubscribed Securities); or
13
(b) its desire to waive the Right of First Refusal in respect to all the
Unsubscribed Securities (considering that the absence of a timely sent
notification in this regard shall be deemed as a waiver to the Right
of First Refusal), not being permitted at any time the assignment of
the Right of First Refusal by the Offered Parties to any Party or
third parties.
3.5. Upon expiry of the term referred to in item 3.4.2. above and should
there be any Unsubscribed Securities left over, the Company shall be entitled to
acquire such Unsubscribed Securities, provided that:
(a) the Company represented by any of its Officers duly authorized by the
Board of Directors, as per item 5.2.(j) below, informs the Offering
Party of its intention within two (2) business days following expiry
of the term referred to in item 3.4.2. above; and
(b) the Company has available sufficient profits or reserves, except for
the legal reserve, for the acquisition of the Offered Shares and/or
Unsubscribed Securities.
3.5.1. Exception made to the right of first refusal regarding Unsubscribed
Securities, the Parties shall have right of first refusal to acquire common
voting shares of the Company which are held in treasury, on the date the Company
disposes of such common voting shares, with due regard to the procedure set
forth in item 3.3. above.
3.6. Upon expiry of the terms established in item 3.5., the Offered Shares
and/or Offered Rights shall be disposed of within the following fifteen-day
period, (i) to the Parties
14
which within the respective period shall have notified the Offering Party or the
Company, of their intention to acquire the Offered Shares or the Offered Rights
and eventually the Unsubscribed Securities, under the same terms and conditions
of the Proposal, and (ii) to the Company, as the case may be.
3.7. In the event all of the Offered Shares and/or Offered Rights are not
disposed of to the Offered Parties or to the Company, as set forth above, the
Offering Party shall be deemed free, pursuant to the Proposal, within thirty
(30) days upon expiry of the term referred to in item 3.5. above, to dispose of
all the Offered Shares and/or Offered Rights to the Interested Party, or, at its
sole discretion, dispose of the Offered Shares and/or Offered Rights with
respect to which the Right of First Refusal was not exercised, to the Interested
Party, so as to assure the disposal of all Offered Shares and/or Offered Rights
by the Offering Party.
3.8. The purchaser of the Offered Shares shall irrevocably adhere,
unconditionally and irreversibly, to this Agreement, by means of an amendment
hereto or a letter sent to the Company, in attention to the Officers, and to the
other Parties, through the Registry of Deeds and Documents, otherwise shall any
such disposal of the Offered Shares be null and void. With respect to
Subscription Rights, the purchaser of the Offered Rights shall adhere to this
Agreement at the time the securities are converted into common voting shares or
such common voting shares are subscribed to.
3.9. The restrictions on the transfer of Affected Common Shares set forth
in item 3.1. above shall not apply to the transfer of one Affected Common Share
by a Party to a Director and respective substitute appointed by the same Party,
who are not a shareholder of the Company and shall return such shares to the
respective Party as of the moment they cease to be Director or substitute, or
transfer such shares to the Director and substitute who replace them.
15
3.10. Any sale, transfer, assignment, disposal of Affected Common Shares or
Subscription Rights which does not comply with the provisions under this Clause
III shall be null and void, being the Company forbidden to register any such
sale, transfer, assignment or disposal with its books.
3.11. Each Party shall deliver to the other Parties and to the Company
through one of its Officers, copy of all sent Notices and notifications related
to the exercise of Right of First Refusal referred to in this Clause.
3.12 In the event SPE Fundacoes proposes to the other Parties that
INVESTVALE and/or BNDESPAR become shareholders of the Company and adhere to this
Agreement, provided there is an unanimous approval by the other Parties, such
Parties hereby undertake to favourably vote together with SPE Fundacoes for the
capital increase of the Company, with the issuance of common shares, for the
same price per share paid by the Company at the Bid: (a) to be subscribed to by
INVESTVALE and paid-in, up to the limit of 4.5%, with common shares of CVRD
acquired from the Offer to the Employees, as well as with common shares of CVRD
held by INVESTVALE, by virtue of the payment effected by Fundacao Vale do Rio
Doce de Seguridade Social - VALIA; (b) to be subscribed to by BNDESPAR and
paid-in, up to limit of 3,24%, with common shares of CVRD currently held by
BNDESPAR; (c) to be subscribed to by BNDESPAR, by means of the assignment of the
subscription right effected by SPE Fundacoes, and paid-in with up to five
hundred million Reais (R$ 500,000,000.00), as per the benefit granted by
BNDESPAR to the winner company of the Bid which accepts the participation of
CVRD employees. For the purposes of the capital increase(s) of the Company
referred to above, the Parties hereby waive their respective preemptive rights
(i) for the subscription of newly issued shares of the Company, issued
16
pursuant to the provisions under (a) and (b) above, and (ii) for the acquisition
of subscription rights to be assigned to BNDESPAR, as provided for in (c) above.
3.13. The Right of First Refusal provided for in this Clause III shall not
apply to the share transfer to controlled or controlling companies or to
companies under common control.
CLAUSE IV PROHIBITION ON THE CREATION OF LIENS
4.1 None of the Parties shall pledge or create lien, trust receipt or any
other "in rem" guaranty right upon the Affected Common Shares and/or
Subscription Rights, except if effected to guarantee obligations undertaken by
such Party to enable its participation in the Company and indirectly in the Bid.
Such Party is hereby expressly authorized to, at its sole discretion,
renegotiate such obligations, being this irrevocable and irreversible
authorization extendable also to future renegotiations and restructurings of
such loans and financing, be it by its original form or otherwise, be it with
the same creditors or otherwise. This authorization is extendable to INVESTVALE
if it becomes a shareholder of the Company and adheres to this Agreement.
4.1.1. In the events under item 4.1. and with due regard to the
authorization set forth thereunder, the interested Party shall obtain from its
creditor a statement addressed to the Company of creditor's awareness to the
right of first refusal set forth in Clause III above and its representation
towards compliance.
4.1.2. So as to permit the exercise of the Right of First Refusal by the
other Parties, if the guarantee referred to in 4.1. above is enforced, the price
resulting from the respective public sale shall be deemed as a Proposal, as
defined in item 3.2.
17
4.2. None of the Parties shall create usufruct or any other "in rem"
fruition right upon the Affected Common Shares and/or Subscription Rights or
otherwise offer them to seizure without the previous, express and unanimous
consent of the other Parties, being assured to SPE CSN or to any party which
adheres hereto the right to create usufruct upon the right to receive dividends,
in any way, upon the Affected Common Shares, so as to guarantee the obligations
undertaken by SPE CSN, or by any party which adheres hereto, to enable them to
participate in the Company and indirectly in the Bid, at SPE CSN or any party
which adheres hereto sole discretion, extendable to future renegotiations and
restructurings of such obligations and guarantees, be it by its original form or
otherwise, be it with the same creditors or otherwise.
4.3. In the event of any guarantee enforcement, the purchaser of the shares
shall be subject to the provisions set forth herein.
4.4. Neither CSN nor the shareholders of SPE Fundacoes shall pledge or
create lien, trust receipt or any other "in rem" guaranty right upon the shares
of SPE CSN and of SPE Fundacoes respectively held by them, except if effected to
guarantee obligations undertaken by CSN or by shareholders of SPE Fundagoes, to
enable their indirect participation in the Bid. CSN and the shareholders of SPE
Fundacoes are hereby expressly authorized to, at their sole discretion,
renegotiate such obligations, being this authorization extendable to future
renegotiations and restructurings of such loans and financing, be it by its
original form or otherwise, be it with the same creditors or otherwise.
4.5. With respect to the intervening party NationsBank, the conditions set
forth in item 4.1 and 4.2 above shall only apply to the Controlling Shares of
SPE Nations (controlling
18
shares means 50% plus one of the voting shares issued by SPE Nations). All other
shares issued by SPE Nations not integrating to the Controlling Shares of SPE
Nations may be freely encumbered, in any way and under any title, not subject to
the other Parties' approval.
CLAUSE V PRIOR MEETINGS
5.1 The Parties shall meet prior to any Shareholders' Meeting or meeting of
the Board of Directors, or CVRD's shareholders' meeting or meeting of the board
of directors, as the case may be. At the Prior Meetings, each Affected Common
Share shall entitle its owner to one (1) vote and the decisions held shall be
registered in writing and shall bind the vote of all Parties in the respective
Shareholders' Meeting. The Parties also undertake to cause their representatives
in the meetings of the Board of Directors, to vote in accordance with the
resolutions passed at the Prior Meetings.
5.2. Except as provided in other items of this Clause V below, the
resolutions shall be passed at the Prior Meetings by the majority of those
present at the respective meeting, calculated as set forth in 5.1. above.
5.2.1. The following matters must be necessarily resolved at a Prior
Meeting and shall be approved upon a favorable vote of 67% (sixty-seven percent)
of all Affected Common Shares held by the shareholders attending the respective
meeting, calculated as set forth in 5.1. above.
(a) Amendments to the By-Laws of the Company or of CVRD, except if legally
required;
19
(b) Increase of the capital stock of the Company and/or CVRD by share
subscription, creation of a new class of shares, change in the
characteristics of the existing shares or capital reduction of those
companies;
(c) Issuance of CVRD debentures, share convertible or nonconvertible,
subscription bonds, participation certificates upon compensation, call
options or any other security;
(d) Issuance of subscription bonds, call options or any other security by
the Company, except for debentures and participation certificates;
(e) Determining the issuance price for the new shares of the capital stock
of the Company and of CVRD, and of any other securities;
(f) Amalgamation, spin-off, merger to which CVRD is a party, as well as
its transformation in another corporate type;
(g) Soliciting by the Company or CVRD of settlement procedures,
dissolution, receivership, bankruptcy and any other voluntary acts for
financial reorganization or any suspension thereof,
(h) Election and replacement of the Chairman of the Board;
(i) Election and replacement of the board of directors, including its
Chairman, and of the board of officers of CVRD;
20
(j) Disposal or acquisition of equity participation in any other company
by CVRD, as well as the acquisition of shares of the capital stock of
the Company or of CVRD to be held in treasury;
(k) The participation of CVRD in group of companies or in consortium of
any kind;
(l) Execution of distribution, investment, sales, exportation, technology
transfer, trademark license, patent exploration, license to use and
lease agreements, to which the Company or CVRD is a party, according
to the resolutions passed at Prior Meeting at the quorum provided
under this item 5.2.1;
(m) Approval and amendment of the Business Plan;
(n) Determining the compensation of the Directors and the directors of
CVRD, as well as of the duties of the Board and of the board of
directors of CVRD;
(o) Profit sharing to the administrators of CVRD;
(p) Defining the compensation of the Officers and of CVRD officers;
(q) Change of the corporate purpose of CVRD;
(r) Dividend distribution other than provided in the By-Laws of CVRD, or
its nondistribution, and payment of interest on net equity of CVRD;
(s) Appointment and replacement of independent auditor of the Company and
of CVRD;
21
(t) Creation of "in rem" guarantee, granting of guarantees including
rendering of sureties by CVRD on third parties' obligations, as well
as CVRD's controlled or related companies' obligations;
(u) Passing of any resolution on matters which, pursuant to law, entitle
the shareholder to withdraw from the Company and CVRD, upon
reimbursement of its shares;
(v) Appointment and replacement by the board of officers of CVRD of CVRD
representatives in controlled and related companies and in other
companies in which CVRD is entitled to appoint administrators;
(x) Change of the maximum limit of indebtedness of CVRD, of the
"debt/equity" ratio and of other conditions set forth in item 5.2.4
below.
5.2.2. The following matters must be necessarily subjected to Prior Meeting
and shall only be approved upon the favorable vote of shareholders holding 100%
(one hundred percent) of the Affected Common Shares:
(a) Borrowing of loans or credit facilities by the Company;
(b) Issuance of debentures, convertible or not into shares, by the
Company;
(c) Issuance of participation certificates, in any way whatsoever, by the
Company, or free of charge by CVRD;
22
(d) Creation of "in rem" guarantee or the rendering of any other
guarantees, including the rendering of surety by the Company;
(e) Amalgamation, spin-off or merger to which the Company is a party, as
well as its participation in group of companies;
(f) Profit sharing to administrators of the Company; and
(g) Transformation of the company into other corporate types.
5.2.3. In the event SPE Fundacoes disposes of shares which represent up to
10% (ten percent) of the common shares of VALEPAR to BNDESPAR, within 60 (sixty)
days as from the date of the Bid, the percentage described in item 5.2.1. above
shall be 75% (seventy-five percent) of all Affected Common Shares attending the
Prior Meeting, calculated as per item 5.1. above.
5.2.4. The Parties undertake to cause the Company to vote, through the
members of board of directors of CVRD appointed by them to the extent that CVRD
shall not suffer an additional net indebtedness, the sum of which with the net
indebtedness of CVRD exceeds 40% (forty percent) of the net equity of CVRD, in
the manner that the 40/60 "debt-equity" (indebtedness/net equity) ratio in CVRD
shall not be affected. For the purposes hereof, net indebtedness means the total
indebtedness with third parties, including the debt of CVRD with any of its
subsidiaries, controlled and related companies, and any guarantee granted by
CVRD to third Parties, less the cash and the short, medium and long term
financial investments.
23
5.2.5. The Parties undertake to vote and cause their representatives at the
Board of Directors to vote (as the case may be) for the purpose of determining
the Board of Officers to vote at the shareholders' meeting of CVRD, in the sense
that CVRD shall distribute as dividends to its shareholders, 50% (fifty percent)
of the net profit of the fiscal year in question. The dividend distribution in
amount different from the one hereby stipulated is subjected to approval by the
Parties, at a Prior Meeting, at the quorum set forth in item 5.2.1. above.
5.2.6. The Parties undertake to vote and cause their representatives at the
Board of Directors (as the case may be) to vote for the immediate distribution
of the total dividends received by the Company from CVRD. The Parties shall
instruct the Board of Directors to call a Shareholders' Meeting or a Board
meeting (as the case may be) to resolve on the dividend redistribution upon
receipt from CVRD, as set forth in Article 123 of Law 6,404, as of December 15,
1976.
5.3. The Prior Meetings set forth in the previous item are subject to
following rules:
5.3.1. The Prior Meeting shall be held on the third business day
immediately prior to each one of the Shareholders' Meetings or Board meetings or
shareholders' meeting or board of directors' meetings of CVRD, shall the call be
made by one of the Parties.
5.3.2. The Prior Meeting shall be held on the third business day
immediately prior to each one of the Shareholders' Meeting or Board meetings and
each shareholders' meeting or board of directors' meetings of CVRD, shall the
call be made by third parties.
24
5.3.3. The Prior Meeting shall take place in the City of Rio de Janeiro,
which address shall be defined by the majority vote of the parties and shall be
informed, in writing, to the other Parties, within 3 (three) days before the
Prior Meeting.
5.3.4. The Prior Meeting may be held at any time and at any place should
all the Parties be present at the meeting.
5.3.5. The Prior Meeting shall only be convened with the representation of
any 2 (two) Parties.
5.3.6. The Parties shall receive, with days in advance, from the Company or
from the board of directors of CVRD, as the case may be, the agenda of the Prior
Meeting and copy of all documents related to the resolutions to be passed.
5.4. While the matter is not approved at the Prior Meeting, the subject
shall not be submitted to the Shareholders' Meeting or the Board or to the
shareholders' meeting or to the board of directors meeting of CVRD. Should it be
impossible not do resolve on the subject at a Shareholders' Meeting or
shareholders' meeting of CVRD, the Parties shall exercise their respective
voting rights resulting from the Affected Common Shares in order to suspend the
Shareholders' Meeting or the shareholders' meeting of CVRD, until the subject is
approved by the Parties at a Prior Meeting.
5.5. In any event, the resolutions passed at the Prior Meetings shall be
registered in writing and shall bind the vote of all Parties in the respective
Shareholders' Meeting or the vote of the Directors elected by them in the
respective meeting, whenever the resolution is passed at either one of such
bodies.
5.6. The Party which does not attend the Prior Meeting hereby undertakes to
vote in the Shareholders' Meeting and cause their representatives to vote in the
Board meeting, pursuant to the resolution passed at the Prior Meeting to which
the Party was absent.
CLAUSE VI DIRECTORS' ELECTION
6.1. The Parties undertake to vote and cause their representatives to vote
at the Prior Meetings and at the Shareholders' Meetings in which the Directors
shall be elected, pursuant to the provisions of this clause.
6.2. The Board of Directors shall be composed of twelve (12) permanent
Directors and respective substitutes appointed according to the following
criteria:
6.2.1. In the first phase, each Party shall appoint a number of Directors
equivalent to the quotient obtained by the division of its equity interest
percentage in the total Affected Common Shares by 8.33%, considering the
fractions for the next phase, as the case may be.
6.2.2. In the second phase, should there be vacant Board member seats to
fill, the indication for the fulfillment of each seat shall be made by the Party
which holds the larger fraction remaining from the division effected in the
first phase, without any further chance to indicate candidates for the
fulfillment of any seats which still remain vacant, for which the same procedure
shall apply. In the event of a deadlock among the considered fractions, the
indication of the respective Director shall be made by the affected Party which
shall have indicated the smallest number of Directors and the defeated Party
shall have its indication considered for the subsequent vacant seat, as the case
may be.
26
6.3. Any Party may, during the respective term of office, substitute the
Director(s) appointed by it. In this case, all the Parties shall vote in favor
of the name proposed in the Shareholders' Meeting duly called for such purpose,
within fifteen (15) days counted as from the communication to the Chairman of
the Board by the Party willing to substitute its Director.
6.4. If possible, the Parties shall not decide any relevant matter related
to the Company, until the end of the substitution procedure.
6.5. The Chairman of the Board shall be appointed by the Directors, in the
Board meeting duly called for such purpose, preceded by the necessary Prior
Meeting.
CLAUSE VII OFFICERS' ELECTION
7.1. The Board of Officers of the Company shall be composed of 2 (two)
Officers which shall be appointed among the Directors, one of the Officers shall
be appointed by the Directors appointed by SPE Fundag6es, and the other Officer
appointed among the Directors appointed by SPE CSN.
CLAUSE VIII ELECTION OF THE MANAGEMENT OF CVRD
8.1. For the purpose of electing the directors of CVRD at the respective
shareholders' meetings, the Parties shall indicate all Board members which the
Company is entitled to appoint; proportionally to the participation of the
Parties in the Company.
27
8.2 The chairman of the board of directors of CVRD shall be appointed among
the directors, at the board of directors meeting of CVRD, duly called for such
purpose, preceded by the necessary Prior Meeting.
8.3 The chief executive officer of CVRD shall be appointed among the names
proposed in a triple list prepared by an international head hunter company
("head hunter") and elected at the board of directors meeting of CVRD duly
called for such purpose, preceded by the necessary Prior Meeting.
8.4 The chief executive officer shall propose to the board of directors of
CVRD the names of the other officers of CVRD, who shall be elected at the board
of directors meeting of CVRD, called for such purpose, preceded by the necessary
Prior Meeting.
CLAUSE IX COMMERCIAL RELATIONS AMONG CVRD AND THE PARTIES OR THIRD PARTIES
9.1. The commercial relations and businesses in general of CVRD shall
always be contracted primarily considering the interests of CVRD and be
compatible to the equitable market conditions and practices, verified as of the
time such businesses are contracted.
CLAUSE X EXERCISE OF THE VOTING RIGHT
10.1. In addition to the provisions set forth in this Agreement, the
Parties agree to use their voting right deriving from their Affected Common
Shares and take all necessary measures towards the perfect compliance with this
Agreement, being the Parties forbidden to enter into other voting agreements
except for the agreement which may eventually be
28
executed between INVESTVALE and BNDESPAR, should they become shareholders of the
Company, and adhere to this Agreement and to the shareholders' agreement
attached to the Public Bidding.
10.1.1. For the purposes of this clause, Affected Common Shares shall also
include the common shares issued by CVRD, eventually held in portfolio by the
shareholders of each SPE, which have not been contributed to the capital stock
of VALEPAR, for which the shareholders of the SPEs shall exercise their
respective voting rights according to the resolutions passed at the Prior
Meeting set forth herein.
10.2. In the event any of the Parties or its controlling shareholder
becomes part of a bankrupt proceeding, judicial or extra-judicial liquidation,
or becomes subject to the interference of the public authorities, or is declared
dissolved, all the Affected Common Shares held by such Party shall remain
subject to all terms and conditions set forth herein; however, the exercise of
the respective voting rights shall be suspended, also at the Prior Meetings.
CLAUSE XI ACQUISITION BY THE PARTIES OF CVRD SHARES
11.1. The Company shall be entitled to the right of first refusal in
respect to the Parties for the acquisition of shares issued by CVRD.
11.2 Even if the Company is not interested in acquiring shares issued by
CVRD, the Parties shall not directly acquire such shares, unless duly authorized
by the other Parties at a meeting in which the matter shall be approved by the
resolutions quorum set forth in item 5.2.1.
29
CLAUSE XII COMPANY INSPECTION
12.1. Party which so desires may at any time by means of the independent
auditor of the Company, may inspect books, records and other documents of the
Company or CVRD. Such Party shall bear the costs and burdens resulting therefrom
and take all necessary measures to not disturb the Company's or CVRD's course of
business or management.
CLAUSE XIII TRASFER OF CONTROLLING INTEREST OF THE PARTIES
13.1. The controlling interest of any of the Parties shall not be amended,
without being previously offered to the other Parties all Affected Common Shares
held by the Party which controlling interest is to be amended, subject to the
provisions set forth in clause III, which refer to the exercise of the Right of
First Refusal. For the purpose of exercise of the Right of First Refusal
mentioned in this item the price to be established by an appraiser mutually
chosen by the Parties shall be considered a Proposal (as defined in item 3.2.).
13.1.1 While the procedures set forth in Clause hereof are not concluded,
the Party which controlling interest is to be transferred, without due regard to
item 13.1, shall not participate in the Prior Meetings and the Affected Common
Shares held by it shall have its voting right suspended.
13.2. For the purposes of this clause, the following shall not be deemed as
an amendment to the controlling interest of the Parties: (a) of SPE Fundacoes:
the transfer of shares of its capital stock among its current shareholders
and/or to private social security entities, and (b) of the other Parties: the
transfer of shares of its capital stock among its current shareholders, subject
to the provision hereinbelow.
30
13.3. For the purposes of this Clause:
(a) The intervening Party CSN shall directly or indirectly hold, at any
time, all common shares issued by its respective SPE (which shall
directly or indirectly correspond to at least 51% fifty-one percent of
the capital stock), and the transfer of any of such shares shall
entitle the other Parties to the right of first refusal, pursuant to
the terms of item 13.1. above.
(b) The intervening Party NationsBank, solely or collectively with one
other sole investor to be informed by it to the Parties, until the
effectiveness date hereof, shall directly or indirectly hold, at any
time, the Controlling Shares of SPE Nations (as defined in item 4.5.
above), which voting capital shall correspond to at least one third
(1/3) of the total capital stock, and the transference of any
Controlling Shares of SPE Nations shall entitle the other Parties to
the right of first refusal, pursuant to the terms of item 13.1. above.
(c) It Shall not be deemed as an amendment to the controlling interest of
SPE CSN the transfer of shares of its capital stock to its controlling
shareholder and/or to controlled companies by SPE CSN and/or to a
controlled company of its controlling shareholder, and the same
provisions applicable to the respective SPE pursuant to the terms
hereof shall apply to the new shareholder,
(d) It shall not be deemed as an amendment to the controlling interest of
SPE Nations the transfer of shares of its capital stock to its
controlling shareholder and/or to controlled companies by SPE Nations
and/or to
31
controlled company of its controlling shareholder, nor, in case of
shareholders of SPE Nations incorporated as an investment fund or a
similar collective investment vehicle, the transfer of quotas of the
fund or vehicle, or the transfer of the shares of the capital stock of
SPE Nations to funds administrated by the same professional trustee of
the shareholder of SPE Nations, provided that such trustee maintains
in such cases the ownership of the majority voting quotas representing
the equity of the fund acquiring such shares of the capital stock of
SPE Nations, and the same provisions applicable to the respective SPE
pursuant to the terms hereof shall apply to the new shareholder, and
(e) The Parties, except for SPE Nations, to which the provision of (b)
above shall apply, may issue shares of its capital stock without
votings rights up to the limit of 49% (forty-nine percent) of its
total capital stock.
CLAUSE XIV REPRESENTATIONS, WARRANTIES AND OBLIGATIONS
14.1. Each Party represents and warrants that:
(i) it is a legal entity duly organized, validly existing in good
standing, pursuant to laws of the jurisdiction of its incorporation;
(ii) it is vested with all necessary powers and authorizations to hold
the Affected Common Shares and to comply with the obligations set forth herein;
32
(iii) the execution and compliance with this Agreement have been duly
authorized by all of its own and controlling shareholders' corporate acts (if
necessary) and (a) do not violate nor shall violate any law, rule, settlement,
decision, ruling, agreement, order or decree applicable thereto, nor (b) violate
its By-laws and other acts of incorporation;
(iv) this Agreement is a legal and binding obligation upon the
undersigned Parties, being enforceable against them, pursuant to the provisions
hereof; and
(v) there is no pending dispute to which such Party or Affiliate is
subject, which could, if adversely decided, cause an adverse substantial effect
regarding the financial condition of such Party or its ability to comply with
its obligations set forth herein.
CLAUSE XV CONFIDENTIALITY
15.1. The Parties, by their directors, officers, employees and
representatives, agree to keep confidential and not to disclose to third
parties, without the prior and express consent of all Parties, privileged
information referring to the activities and businesses of the Company or of CVRD
to which they have access in the quality of shareholder of the Company and of
CVRD.
33
CLAUSE XVI AMENDMENT
16.1. Any amendment to this Agreement may only be effected or shall bind
the Parties if executed in writing by all the undersigned Parties hereto.
CLAUSE XVII WAIVERS
17.1. Any of the Parties not demanding, at any time, the fulfillment of the
provisions set forth herein or not exercising an option, an alternative or a
right to which it is entitled to pursuant to this Agreement, shall not be deemed
as a waiver of any provisions hereof, nor shall affect the validity hereof or
the right, in whole or part, assured to any of the undersigned Parties to
further demand the compliance with all or part of this Agreement, as well as to
exercise such option, alternative or right, unless otherwise provided hereunder.
No waiver of this Agreement shall be deemed effective in relation to the other
Parties, unless such waiver is effected in writing and by the legal
representative of the waiving Party.
CLAUSE XVIII - ASSIGNMENT
18.1. The rights and obligations hereunder to which the Parties are subject
shall not be transferred or assigned, in whole or part, except as provided
hereunder or with the previous consent of the other Party in writing.
34
CLAUSE XIX NOTICES
19.1. All notices set forth herein or hereby permitted shall be in writing
and shall be considered complete when transmitted by telex, telegram, fax or by
data electronic transmission (each case subject to the appropriate receipt code
or any other confirmation receipt), or if delivered in hand or sent by
registered mail to the address of the Parties or of the individuals duly
authorized to receive such notice, at the addresses to be informed by each Party
to the Company's Board of Officers.
CLAUSE XX TERM
20.1. This Agreement shall have a twenty-year term of validity as of the
date of is effectiveness, extendable for equal ten-year periods, at the Parties'
discretion.
CLAUSE XXI FILING
21.1. Pursuant to the provisions of article 118 of Law No. 6404, of
December 15 1976, one counterpart of this Agreement shall be filed with at the
head offices of the Company The obligations arising herefrom shall be registered
with the Nominative Shares Registry Book of the Company and with the respective
Certificate of Shares. Such filings shall impair the practice of any acts
contrary to the provisions hereof, and the Company is lawfully autorized not to
affect, in such case, the registration of such acts, and, thus, to deny the
transfer of ownership of any of the rights on the Affected Common Shares and/or
the Subscription Rights.
35
CLAUSE XXII BINDING EFFECT
22.1. The terms and conditions provided for herein shall inure to the
benefit of and shall, irrevocably and irreversibly, bind the undersigned Parties
and their successors at any title and assigns.
CLAUSE XXIII APPLICABLE LAW
23.1. This Agreement and the rights and obligations of the Parties and of
the Company arising herefrom shall be governed and construed pursuant to the
laws of the Federative Republic of Brazil.
CLAUSE XXIV ARBITRATION
24.1. Any controversy arising among the Parties in relation to this
Agreement which is not amicably solved, shall be submitted to arbitration,
pursuant to the rules of Law No. 9307, of September 26, 1996.
24.2. The arbitration shall be governed pursuant to the regulation of the
Arbitration Commission of the Commercial Association of Rio de Janeiro, and
shall operate with one or more arbitrators appointed as per the provisions of
such regulation.
24.3. The disputing Parties may mutually agree to reach settlement before
arbitration is convened, and the conciliator shall be appointed pursuant to item
24.2 hereof.
36
CLAUSE XXV TEMPORARY PROVISIONS
25.1. The Parties undertake to cause as soon as possible the calling for
the Shareholders' Meeting of the Company, so as to adapt its the By-laws to the
provisions herecfi. In the event of any conflict the following shall prevail:
(a) the provisions hereof over the provisions of the By-laws (except for the
essential provisions set forth in the Public Bidding) and (b) the provisions of
the Shareholders' Agreement, which draft is attached to the Pubic Bidding, over
the provisions hereof.
CLAUSE XXVI SPECIFIC PROVISIONS
26.1. In the event SWEET RIVER FUND, investment fund incorporated under the
laws of Cayman Islands, which is administrated by Opportunity Asset Management
Inc., acquires, through its SPE ELETRON Participacoes S.A., common shares issued
by the Company, and adheres to this Agreement, the Parties agree that such
shareholder shall:
(a) appoint one of the members of the audit committee of CVRD, to be
elected at the shareholders' meeting of CVRD; and
(b) indicate in a triple list independent international auditing firms,
one of whir-ti shall be chosen by the Parties at a Prior Meeting, as
provided for in item 5.2.(s) hereof.
37
IN WITNESS WHEREOF, the Parties execute this instrument in six (6) counterparts,
of same content and effect, before the two (2) undersigned Witnesses.
Rio de Janeiro, April 24, 1997
LITEL PARTICIPACOES S.A.
By:
Name:
Title:
CSN STEEL CORP.
By:
Name:
Title:
SWEET RIVER INVESTMENTS, LTD.
By:
Name:
Title:
VALEPAR S.A.
By:
Name:
Title:
COMPANHIA SIDERURGICA NACIONAL
By:
Name:
Title:
NATIONSBANK COMPANY LITEL PARTICIPACOES
By:
Name:
Title:
WITNESSES
1.
-------------------
Marilza Cabral da Conceicao Ricardo
Individuals Taxpayers' Register (CPF) No. 258.909.307-10
2.
-------------------
Eliane Ribeiro Bacelar
Individuals Taxpayers' Register (CPF) No. 375.987.087-20
TERMO DE ADESAO AO ACORDO DE ACIONISTAS DA VALEPAR S.A.
ELETRON S.A. companhia aberta com sede na cidade do Rio de Janeiro na Avenida
Presidente Wilson 231, 28 andar (parte) CGC/MF 00.514.998/0001-42 (doravante
"SPE Opportunity"), vem pela presente aderir ao Acordo de Acionistas da VALEPAR
S.A., assinado em 24 de abril de 1997, com as alteracoes abaixo especificadas,
que sao neste alo Integralmente aceiras e aprovadas pelas Partes que ao final
deste Instrumento tambem o subscrevem para todos os efeitos legais, inclusive
para alterar e aditar as clausulas do Acordo de Acionistas modificadas neste
Instrumento.
Os termos definidos no Acordo de Acionistas possuem neste Instrumento o mesmo
significado.
I
Sao procedidas as seguintes alteracoes no Acordo de Acionistas:
1. Inserir:
"2.3. As Partes desde logo obrigam-se a votar e fazer com que os seus
representantes no Conselho de Administracao votem, para o fim de determinar a
Diretoria da Companhia que vote nas assembleias gerais da CVRD no sentido de que
a CVRD proponha e aprove a alteracao do estatuto ou contrato social de suas
controladas diretas ou indiretas, de modo a adapta-los aos mesmos principios
basicos definidos para a Companhia nos termos desta Clausula II, observados os
acordos de acionistas eventualmente em vigor."
2. Inserir:
"3.14. Apos a ocorrencia do Resgate definido no item 13.4. abaixo e na hipotese
em que: (a) a Parte Ofertante sela a SPE CSN, (b) a alienacao das Acoes
Ofertadas nos lermos da Proposta retire da SPE CSN o poder de, individualmente,
em decorrencia de sua participacao no capital social da Companhia, bloquear a
aprovacao das materias listadas no Item 5.2.1. abaixo, e (c) a Parte Ofertada
SPE Opportunity detenha Acoes Ordinarias Afetadas do capital da Companhia em
percentual que corresponda, na data da Liquidacao Financeira do Leilao e apos os
aumentos do capital da Companhia de que tratam os Itens 8.1 do Acordo de
Investimento e 3.12 do Acordo de Acionistas (esse ultimo se for o caso), a acoes
ordinarias do capital da CVRD no valor maximo de R$ 350.000.000 00 (trezentos e
cinquenta milhoes de reais) ao preco final obtido no Leilao, a SPE Opportunity
tera o direito de, alternativamente ao exercicio do direito de
preferencia, exigir da Parte Ofertante SPE CSN que inclua a totalidade das Acoes
Ordinarias Afetadas de propriedade da Parte Ofertada SPE Opportunity para
alienacao ao Proponente, nas mesmas condicoes da Proposta do citado Proponente,
sem o que a Parte Ofertante SPE CSN nao podera realizar a alienacao de suas
acoes ao Proponente."
3. Inserir:
"3.15. A qualquer tempo apos dois anos da data da Liquidacao Financeira do
Leilao e condicionado a previa ocorrencia do Resgate (definido no item 13.4.
abaixo) e que a Parte Ofertada SPE Opportunity detenha Acoes Ordinarias Afetadas
do capital da Companhia em percentual que corresponda, na data da Liquidacao
Financeira do Leilao e apos os aumentos do capital da Companhia de que tratam os
itens 8.1 do Acordo de investimento e 3.12 do Acordo de Acionistas (esse ultimo
se for o caso), a acoes ordinarias do capital da CVRD no valor maximo de R$
350-000.000,00 (trezentos e cinquenta milhoes de reais) ao preco final obtido no
Leilao, a SPE Opportunity, para os fins deste item 3.15., devera notificar a SPE
CSN, caso receba proposta feita por terceiros nao acionistas da Companhia
("Terceira Comprador") para a alienacao da totalidade ou parte de suas Acoes
Ordinarias Afetadas que, em conjunto com a participacao da SPE CSN, nao
ultrapasse a 45% do capital social da Companhia, ate a data em que se
completarem cinco anos da dela da Liquidacao Financeira do leilao, e 49% do
capital social da Companhia apos essa data.
3.15.1. A SPE CSN devera, dentro de trinta dias da data de tal notificacao,
fazer uma oferta por escrito, em carater Irrevogavel e irretratavel, para a
compra das respectivas Acoes Ofertadas ou Informar a SPE Opportunity, por
escrito, que nao deseja comprar as referidas Acoes Ofertadas.
3.15.2. No caso de a SPE CSN nao se manifestar por escrito, presumir-se-a, para
todos os efeitos legais, ter a SPE CSN renunciado a seu direito de fazer uma
oferta para a compra das Acoes Ofertadas.
3.15.3. No caso de haver oferta de compra feita pela SPE CSN, a mesma devera se(
revelada a SPE Opportunity simultaneamente a revelacao pela SPE Opportunity a
SPE CSN, dos termos e condicoes da proposta do Terceiro Comprador, bem como o
nome e a relacao completa dos acionistas que detenham, direta ou indiretamente,
participacao societaria correspondente ou superior a 5% (cinco por cento) do
capital do Terceiro Comprador ("Data da Revelacao").
3.15.4. Se o preco oferecido a SPE Opportunity pelo Terceiro Comprador for igual
ou em ate 10% (dez por cento) superior ao Preco de Oferta da SPE CSN, a SPE CSN,
tera, entao, o direito de fazer, no prazo de 10 dias uteis contados da Data da
Revelacao, uma proposta de compra que iguale o preco e condicoes do Terceiro
Comprador ("Oferta").
3.15.5. Caso a SPE CSN venha a fazer tal Oferta, respeitados os termos do item
3.15.4 acima, esta sera obrigatoriamente aceita pela SPE Opportunity. Uma vez
aceita a Oferta da SPE CSN, a mesma sera considerada Proposta nos termos do item
3.2. acima, sujeitando-se, assim, ao Direito de Preferencia das demais Partes.
3.15.6. Nao sendo exercido o direito aqui assegurado nos itens 3.15.4 e 3.15.5.
ou sendo a proposta do Terceiro Comprador superior em 10% (dez por cento) ou
mais que o Preco da oferta da SPE CSN, a SPE Opportunity devera seguir o
procedimento previsto na Clausula III deste Acordo no que se refere ao Direito
de Preferencia, excluindo-se a SPE CSN, em ambos os casos, do exercicio do
citado Direito de Preferencia."
4. Substituir os itens 5.2.2. (a), (c) e (d), que passarao a vigorar com a
seguinte redacao, e inserir o item 5.22. (h):
"(a) contratacao de emprestimos, financiamentos ou operacoes de arrendamento
mercantil pela Companhia ou ainda a realizacao de outras operacoes que tenham
economicamente natureza similar ou equivalente;"
"(c) emissao de partes beneficiarias a qualquer titulo pela Companhia ou pela
CVRD;"
"(d) constituicao de gravames, vinculos, restricoes ou onus reais ou pessoais
sobre quaisquer ativos da Companhia e/ou prestacao de garantias pela Companhia,
Inclusive fiancas ou avais;"
"(h) alienacao, a qualquer titulo, das acoes da CVRD de propriedade da
Companhia."
5. Inserir:
"6.2.3. Independente do disposta no item 26.1.1. abaixo, fica assegurado a SPE
Fundacoes o direito de Indicar, no minimo, numero de membros do Conselho igual a
sua participacao na Companhia, mesmo que isto implique em aumento do numero de
Conselheiros estabelecido no item 6.2."
6. inserir:
"8.5. A gestao dos negocios da CVRD sera exercida por profissionais experientes,
independentes e capacitados, que atendam as qualificacoes necessarias para os
cargos por eles ocupados, sendo que eventuais vinculos de emprego ou referentes
a qualquer outra forma de colaboracao profissional existente entre as Partes e
os futuros administradores da CVRD deverao ser definitivamente extintos antes de
sua indicacao.
8.5.1. Caso o Citibank N.A. venha a investir no capital da SPE Opportunity o
montante total de R$200.000.000,00 (duzentos milhoes de reais) mediante (a) o
aporte R$100.000.000,00 (cem milhoes de reais) na SPE Opportunity ate a data da
Liquidacao Financeira do Leilao; e (b) o aporte de outros R$100.000.000,00 (cem
milhoes de reais) em ate 45 dias apos a data da Liquidacao Financeira do Leilao,
para o fim de permitir a que a SPE Opportunity compre Acoes Ordinarias Afetadas
de propriedade da SPE CSN e/ou da SPE Fundacoes, entao, a SPE CSN e/ou a SPE
Fundacoes, solidariamente, deverao segregar, a seu unico e exclusivo criterio
quanto ao raleio, uma quantidade de Acoes Ordinarias Afetadas que corresponda a
R$100.000.000,00 (cem milhoes de reais) com base no preco final obtida no
Leilao, para serem compradas pelo Citibank N.A., direta ou indiretamente, sendo
que nesse caso nao se aplicara o Direito de Preferencia na Transferencia de
Acoes Ordinarias Afetadas previsto no Acordo de Acionistas, para que a operacao
de transferencia das Acoes Ordinarias Afetadas ao Citibank N.A, de forma direta
ou indireta, atraves da SPE Opportunity seja livremente efetuada.
8.5.1.1. O preco de compra das Acoes Ordinarias Afetadas, objeto da compra e
venda de acoes referida em (b) do Item 8.5.1. sera de R$100.000.000,00 (cem
milhoes de reais) acrescidos de juros e de atualizacao monetaria a taxas a serem
pactuadas pelas partes compradora e vendedora(s) dessas Acoes Ordinarias
Afetadas no momento da manifestacao pela SPE CSN e/ou SPE Fundacoes quanto ao
rateio referido neste item. O Citibank N.A. arcara com todos os encargos
tributarios Incidentes sobre esse transacao de compra e venda de acoes.
8.5.1.2 Implementados os passos referidos no item 8.5.1. e 8.5.1.1. acima e
enquanto o Citibank N.A. mantenha investimentos na SPE Opportunity no montante
de R$101.000 000,00 (cento e um milhoes de reais), a SPC CSN se compromete e se
obriga, diretamente e atraves de seus conselheiros, a votar, em conjunto com a
SPE Opportunity, pela nao renovacao do mandato de, no maximo, dois diretores da
CVRD, com excecao do Diretor Presidente da CVRD, cujos nomes lhe tenham sido
Indicados, por escrito, pela SPE Opportunily, ate um mes antes da
realizacao da reuniao do Conselho de Administracao que deliberar sobre a materia
("Indicacao de Nao-Reconducao").
8.5.2. Implementados os passos referidos no item 8.5.1 e observadas as condicoes
previstas no item 8.5.1.1.e 8.5.1.2, o Fundo de investimento em Acoes - Carteira
Livre que detem o controle acionario da SPE Opportunity ("Fundo Prime")
constituira um Comite de Investimentos ("Comite"), para o qual e neste ato
Indicado como membro permanente o Sr. Jair Antonio Bilachi, portador da Carteira
de Identidade no. 8726640 expedida pelo Instituto Ricardo Gumpleton Daunt - SP,
inscrito no CPF/MF sob o no. 784.914.958-00, ou por Diretor da Caixa de
Previdencia dos Funcionarios do Banco do Brasil - PREVI por ele indicado, ou, na
sua falta ou Impedimento, Diretor indicado pela unanimidade da Diretoria -
PREVI.
8.5.2.1 Ao membro permanente indicado na forma do item 8.5.2 cabera, alem das
mesmas prerrogativas asseguradas aos demais membros do Comite, o direito de
velar as eventuais recomendacoes formuladas pela SPE Opportunity na forma do
item 8.5.1.2 para a nao renovacao do mandado de qualquer dos diretores da CVRD.
7 Substituir o Item 12.1., que passara a ter a seguinte redacao:
"12.1. A parte que desejar podera, a qualquer tempo, exigir que a Companhia, por
meio do auditor Independente da Companhia ou da CVRD, conforme o caso,
efetivamente fiscalize os respectivos livros, registros e outros documentos da
Companhia ou da CVRD, sendo disponibilizados de forma ampla e integral os
livros, registros e outros documentos a Parte requerente, desde que esta arque
com todos os custos e onus correspondentes, tomando as medidas necessarias para
nao estorvar o funcionamento da Companhia ou da CVRD, ou da administracao de
qualquer delas."
8. Inserir:
"13.4. Nao sera considerada transferencia do controle da SPE Opportunity a
ocorrencia simultanea, ate o 25 no. mes calendario contado da data da Liquidacao
Financeira do Leilao, da alienacao da maioria das quotas de emissao do Fundo
Prime para ate duas companhias brasileiras, e o resgate de tais quotas
(alienacao e resgate doravante referidas como "Resgate"), de modo que a(s)
companhia(s) adquirente(s) passe(m) a ser acionista(s) da Companhia diretamente,
desde que a(s) companhia(s) adquirente(s) adira(m) a este Acordo, com a
interveniencia de seu(s) acionista(s) controlador(es).
13.4.1. Considerar-se-a alienacao do controle da SPE Opportunity
(a) enquanto nao se realizar o Resgate, a alienacao de quaisquer das quotas do
Fundo Prime, bem como de quaisquer das quotas e/ou participacoes societarias que
assegurem que o Sweet River Fund e o acionista controlador da SPE Opportunity; e
(b) a qualquer tempo, a alienacao, por Opportunity Asset Management Inc., de
metade mais uma das quotas votantes de emissao do Sweet River Fund.
"9. Substituir a Clausula 26.1 que passara a ter a seguinte redacao:
"26.1 Desde que a SPE Opportunity venha a aportar R$100.000.000,00 (cem milhoes
de reais) na Companhia ate a data da Liquidacao Financeira do Leilao e enquanto
a SPE Opportunity detiver participacao no capital social da Companhia em
percentual que corresponda, na data da Liquidacao Financeira do Leilao e apos os
aumentos do capital da Companhia de que tratam os itens 8.1 do Acordo de
Investimento e 3.12 do Acordo de Acionistas (este ultimo, se for o caso), em
acoes ordinarias do capital social da CVRD ao valor de R$ 50.000.000,00
(cinquenta milhoes de reais) ao preco final obtido no Leilao, a SPE Opportunity
tera direito a:
(a) indicar um dos membros do conselho fiscal da CVRD, a ser eleito em
assembleia geral da CVRD; e
(b) indicar, a cada tres anos, em lista triplice, empresas de auditoria
independente internacionalmente reconhecidas, dentre as quais uma sera
obrigatoriamente escolhida pelas Partes, em Reuniao Previa, como previsto no
item 5.2 (s), para o periodo subsequente de tres anos.
10. Inserir:
26.1.1 Apos o Resgate, desde que (a) a SPE Opportunity venha a aportar
R$100.000.000,00 (cem milhoes de reais) na Companhia ate a data da Liquidacao
Financeira do Leilao e (b) a SPE Opportunity detenha na data da respectiva
eleicao dos membros do Conselho de Administracao, participacao no Capital social
da Companhia em percentual que corresponda, na data da Liquidacao Financeira do
Leilao e apos os aumentos do capital da Companhia de que tratam os itens 8.1 do
Acordo de Investimento e 3.12 do Acordo de Acionistas (este ultimo, se for o
caso), em acoes ordinarias do Capital social da CVRD ao valor de
R$100.000.000,00 (cem milhoes de reais) ao preco final obtido no Leilao, a SPE
Opportunity tera o direito de indicar um dos
membros do Conselho de Administracao de Companhia e seu respectivo suplente,
aplicando-se os criterios estipulados no Item 6.2 apenas as Partes, exceto com
relacao e SPE Opportunity.
II
As Partes desse Termo de Adesao obrigam-se a, no prazo maximo de 60 dias da data
da Liquidacao Financeira, proceder a consolidacao do Acordo, de modo a incluir
todas as disposicoes contidas neste termo de Adesao, com a interveniencia do
Banco Opportunity S.A., na condicao de administrador Fundo Prime que detem o
controle acionario da SPE Opportunity.
III
As demais clausulas do Acordo de Acionistas nao alteradas por esse termo de
Adesao permanecem inalteradas, sendo expressamente ratificadas neste
instrumento, que passa a ser parte integrante do Acordo de Acionistas.
E por estarem assim justas e controladas, assinam o presente em 4 (quatro) vias,
de igual teor e forma, na presenca de 2 (duas) testemunhas.
Rio de Janeiro, 29 de abril de 1997.
ELETRON S A
Nome (s)
Cargo(s)
LITEL PARTICIPACOES S.A.
Nome (s)
Cargos(s)
Folha de continuacao do Termo de Adesao ao Acordo de Acionistas da SPE
Opportunity celebrado em 29 de abril de 1997.
CSN STEEL CORP
Nome (s)
Cargo(s)
SWEET RIVER INVESTIMENTS, LTD
Nome (s)
Cargo(s)
VALEPAR S A
Nome (s)
Cargo(s)
COMPANHIA SIDERURGICA NACIONAL
Nome (s)
Cargo(s)
NATIONSBANK CORPORATION
Nome (s)
Cargo(s)
BANCO OPPORTUNITY
Nome (s)
Cargo(s)
Testemunhas:
1
--------------------------------
2
--------------------------------
Free Translation
April 8, 2002
INSTRUMENT OF ADHESION TO VALEPAR S.A. SHAREHOLDERS' AGREEMENT
ELETRON S.A., a joint-stock corporation with head office in the city of Rio de
Janeiro at Avenida Presidente Wilson 231, 28th floor (part), enrolled with the
Brazilian Federal Taxpayers' Register (CGC/MF) under no. 00,514,998/0001-42
(hereinafter "SPE Opportunity"), hereby agrees to adhere to VALEPAR S.A.
Shareholders' Agreement, executed on April 24 1997, with the amendments
mentioned below, herein fully accepted and approved by the PARTIES which, at the
end of this Instrument also sign for all legal effects including the alteration
and amendment of the sections of the Shareholders Agreement herein amended.
The terms defined in the Shareholders Agreement shall have the same meaning
defined herein.
I
The following alterations in the Shareholders' Agreement are effected:
1. Insert:
"2.3 From the date hereof the Parties shall vote and cause their
representative in the Board of Directors to vote, as to determine the Board of
Officers' vote in CVRD general meetings in the sense that CVRD proposes and
approves the changes in the bylaws or articles of association of its directly or
indirectly controlled companies, so as to adapt them to the same
basic principles defined for the Company under Clause II, with due regard to the
shareholders' agreements that may be in force."
2. Insert:
"3.14. After the occurrence of the Redemption defined in item 13.4 below
and in the event (a) the Offering Party be SPE CSN, (b) the disposal of the
Offered Shares as per the Proposal eliminates from SPE CSN the power to,
individually, as a result of its participation in the capital stock of the
Company, impair the approval of the matters listed in item 5.2.1 below, and (c)
the Offered Party SPE Opportunity holds Affected Common Shares of the Company's
capital stock in a percentage which corresponds, on the Bid Settlement date and
after the Company's capital increases referred to in items 8.1 of the Investment
Agreement and 3.12 of the Shareholders' Agreement (should the latter be the
case) to common shares of CVRD's capital stock in the maximum amount of R$
350,000,000.00 (three hundred and fifty million reais) at the final price
obtained at the Bid, SPE Opportunity shall be entitled to, alternatively to the
exercise of the right of first refusal, demand from the Offering Party SPE CSN
the inclusion of all Affected Common Shares owned by the Offering Party SPE
Opportunity for disposal to the Offeror, under the same conditions of the
Proposal of the said Offeror, being the Offering Party SPE CSN forbidden to
dispose of its shares to the Offeror without such inclusion."
3. Insert:
"3.15 At any time after 2 years of the Bid Settlement date and subject to
the prior occurrence of the Redemption (defined in item 13.4 below) and to the
Offering Party SPE Opportunity's holding of Affected Common Shares of the
Company's capital stock in a percentage which corresponds, on the Bid Settlement
date and after the Company's capital
increases referred to in items 8.1 of the Investment Agreement and 3.12 of the
Shareholders' Agreement (should the latter be the case) to common shares of
CVRD's capital in the maximum amount of R$ 350,000,000.00 (three hundred and
fifty million reais) at the final price obtained at the Bid, SPE Opportunity for
the purposes of this item 3.15, shall notify SPE CSN, should it receive a
proposal made by third parties non shareholders of the Company ("Interested
Third Party") for the disposal of all or part of its Affected Common Shares
which, together with SPE CSN participation, do not exceed 45% of the Company's
capital stock, before the fifth anniversary of the Bid Settlement, and 49% of
the Company's capital stock after that date.
3.15.1. Within thirty days of the date of such notification, SPE CSN shall
make an irrevocable and irreversible offer in writing to buy the respective
Offered Shares or inform SPE Opportunity in writing that it is not willing to
buy said Offered Shares.
3.15.2. In the event SPE CSN does not express itself in writing, it shall
be deemed for all legal effects that SPE CSN has waived its right to make an
offer for the purchase of the Offered Shares.
3.15.3. Should there be a purchase offer by SPE CSN, such offer shall be
revealed to SPE Opportunity simultaneously as SPE CSN reveals to SPE Opportunity
the terms and conditions of the proposal of Interested Third Party, as well as
the name and complete list of shareholders which directly or indirectly own
corporate interest equal to or exceeding 5% (five percent) of the Interested
Third Party's capital ("Disclosure Date")
3.15.4. Should the price offered to SPE Opportunity by the Interested Third
Party be equal to or up to 10 % (ten percent) higher than the Offering Price of
SPE CSN, SPE CSN
shall then have the right to make a purchase proposal equal to the Interested
Third Partys price and conditions ("Offer"), within 10 business days of the
Disclosure Date.
3.15.5. Should SPE CSN make such Offer, with due regard to item 3.15.4
above, such Offer shall be mandatorily accepted by SPE Opportunity. Upon
acceptance of SPE CSN Offer, it shall be deemed as a proposal as per item 3.2
above, being thus subject to the Right of First Refusal of the other Parties.
3.15.6. Should the right under items 3.15.4 and 3.15.5 not be exercised or
being the Interested Third Party proposal at least 10% higher than SPE CSN's
Offering Price. SPE Opportunity shall follow the procedure set forth in Clause
III of this agreement in connection with the Right of First Refusal, being SPE
CSN in both cases excluded from the exercise of said Right of First Refusal."
4. Replace items 5.2.2 (a), (c) and (d) which shall come into force with the
following wordirg, and insert item 5.2.2 (h):
"(a) the borrowing of loans, financing, or leasing transactions by the
Company or the execution of other transactions of similar or equivalent economic
nature'"
"(c) issuance of participation certificates at any title by the Company or
by CVRD"
"(d) the creation of encumbrance, bindings, restrictions or "in rem" or
perscral liens upon any assets of the Company and/or the rendering of guarantees
by the Company, including sureties or "aval" guarantees;
"(h) disposal of, in any way whatsoever, shares issued by CVRD held by the
Company;"
5. Insert:
"6.2.3. Despite the provisions under item 26.1.1 below, SPE Fundacoes has
the right to appoint at least a number of members of the Board equal to its
equity participation in the Company, even if resulting in an increase of the
number of directors set forth in item 6.2"
6. Insert:
"6.5 CVRD business shall be managed by experienced, independent and skilled
professionals who meet the qualifications required for the offices which they
hold, to the extent that any eventual employment relationship or any other way
of professional contribution or cooperation existing between the parties and
CVRD future administrations shall be fully extinguished prior to their
appointments."
"8.5.1 Should Citibank N.A. decide to invest in SPE Opportunity's capital
stock the total of R$ 200,000,000.00 (two hundred million reais) through (a) the
contribution of R$ 100,000,000.00 (one hundred million reais) to SPE Opportunity
before the Bid Settlement date; and (b) the contribution of additional R$
100,000,000.00 (one hundred million reais) within 45 days of the Bid Settlement
date, so as to allow SPE Opportunity to purchase Affected Common Shares owned by
SPE CSN and/or SPE Fundacoes, then SPE CSN and/or SPE Fundacoes shall, in joint
liability, separate, at their sole and exclusive criterion with respect to the
apportionment, a quantity of Affected Common Shares corresponding to R$
100,000,000.00 (one hundred million reais) based on the final price obtained at
the Bid, to be
purchased by Citibank N.A., directly or indirectly, in which case the Right of
First Refusal for the transfer of Affected Common Shares set forth in the
Shareholders Agreement shall not apply, so that the transaction of Affected
Common Shares transfer to Citibank N.A., directly or indirectly, through SPE
Opportunity is effected without any restrictions whatsoever.
8.5.1.1 The purchase price of Affected Common Shares, subject to the share
purchase and sale referred to in (b) of item 8.5.1 shall be R$ 100,000,000.00
(one hundred million reais) plus interest and monetary adjustment at rates to be
agreed upon by the purchaser and seller of such Affected Common Shares, at the
moment SPE CSN and/ or SPE Fundacoes express their position in connection with
the apportionment referred to in item. Citibank N.A. shall bear of all tax
burdens levied on this purchase and sale transaction.
8.5.1.2 Once the steps mentioned in items 8.5.1 and 8.5.1.1 above are taken
and as long as Citibank N.A. maintains investments in SPE Opportunity in the
amount of R$ 101,000,000.00 (one hundred and one million reais), SPE CSN agrees
and undertakes, directly and through its directors, to vote jointly with SPE
Opportunity in favor of the non-renewal of the term of, a maximum of two
officers of CVRD, except for the CEO of CVRD, whose names shall have been
recommended to CVRD, in writing, by SPE Opportunity, one within one month prior
to the board of directors' meeting which shall pass resolutions on the matter
("Recommendation of Non-Reelection")
8.5.2 Once the steps mentioned in item 8.5.1 are taken and the conditions
set forth in items 8.5.1.1 and 8.5.1.2 are complied with, equity investment fund
- Free portfolio which holds the corporate control of SPE Opportunity ("Prime
Fund") shall create an Investment Committee ("Committee") to which is herein
appointed as permanent member Mr. Jair Antonio Bilachi, bearer of Identity Card
ID No. 8726640 issued by the Institute Ricardo
Gumpleton Daunt, SP enrolled with the Individual Taxpayers' Register under no.
784,914,958-00, or by an Officer of Caixa de Previdencia dos Funcionarios do
Banco do Brasil - PREVI appointed by him, or, in his absence or impeachment, by
an Officer appointed by the totality of PREVI's Board of Officers.
8.5.2.1 The permanent member appointed as per item 8.5.2 shall have, in
addition to the same rights granted to other members of the Committee, the veto
power with respect to SPE Opportunity's recommendations, as per item 8.5.1.2,
for the non-renewal of the term of any CVRD's officers."
7. Replace item 12.1 which shall come into force with the following wording:
"12.1 Any party may, at any time, require that the Company, through an
independer auditor of the Company or CVRD, as the case may be, effectively
inspect the respective books, records and other documents of the Company or of
CVRD, being the books, records and other documents widely and fully made
available to the demanding party, provided such demanding party bears all costs
and burdens, taking the necessary steps to avoid disturbance of the Company's or
of CVRD's operations or management."
8. Insert:
"13.4 It is hereby not construed as transfer of SPE Opportunity Corporate
Control the simultaneous occurrence up to the 25th calendar month counted from
the Bid Settlement date of disposal of the majority of quotas issued by the
Prime Fund to at least two Brazilian companies, and the redemption of said
quotas (disposal and redemption hereinafter referred as "Redemption"), so that
the acquiring company or companies become a direct shareholder
or shareholders of the Company, provided the acquiring company or companies
adhere to this Agreement with the intervention of its or their controlling
shareholder(s).
13.4.1 It is hereby understood as transfer of SPE Opportunity's corporate
control (a) while Redemption does not occur, the disposal of any quotas of the
Prime Funds, as well as, any quotas and/or equity interest ensuring that Sweet
River Fund is SPE Opportunity's controlling shareholder; and (b) at any time,
the disposal by the Opportunity Asset Management Inc. of a half plus one of the
voting quotas issued by Sweet River Fund."
9. Replace Clause 26.1 which shall have the following wording:
"26.1 Provided SPE Opportunity makes a capital contribution to the Company
R$ 100,000,000.00 (one hundred million reais) up to the Bid Settlement date and
while SPE Opportunity owns equity interest in the Company's capital stock in the
percentage corresponding to, on the Bid Settlement date and after the Company's
capital increases set forth in items 8.1 of the Investment Agreement and 3.12 of
the Shareholders Agreement (the latter, if the case may be) a certain number of
common shares of CVRD's capital in the amount of R$ 50,000,000.00 (fifty million
reais) at the final price obtained at the Bid, SPE Opportunity is entitled to:
(a) indicate one member of CVRD's Audit Committee, to be appointed at CVRD
general meeting; and
(b) indicate, every three years, a triple list of internationally renowned
independent auditing firms, of which one shalf be mandatorily chosen by the
Parties at Prior Meeting, as set forth in item 5.2 (s) for the subsequent
three-year period
10. Insert:
"26.1.1 After Redemption, and provided (a) SPE Opportunity makes a capital
contribution of R$ 100,000,000.00 (one hundred million reais) to the Company
before the Bid Settlement date and (b) SPE Opportunity owns, on the date of the
respective appointment of the members of Board of Directors, equity interest in
the Company's capital stock in the percentage corresponding to, on the Bid
Settlement date and after the Company's capital increases set forth in items 8.1
of the Investment Agreement and 3.12 of the Shareholders' Agreement (the latter,
if the case may be) a certain number of common shares of CVRD's capital in the
amount of R$ 100,000,000.00 (one hundred million reais) at the final price
obtained at the Bid, SPE Opportunity is entitled to appoint one of the members
of the Company's Board of Directors and its respective substitute, and the
criteria set forth under item 6.2 shall apply to the parties only, except for
SPE Opportunity."
II
The Parties hereto shall, within a maximum period of 60 days counted from the
Settlement provide for the restatement of the Agreement, so as to encompass all
provisions set forth herein, with the intervention of Banco Opportunity S.A., in
the quality of manager of the Prime Fund that holds SPE Opportunity's corporate
control.
III
The other sections of the Shareholders' Agreement not amended hereby remain
unchanged being expressively ratified by this Instrument, which becomes a
integral part of the Shareholders' Agreement.
IN WITNESS WHEREOF, the parties hereto execute this Agreement in 4 (four)
counterparts of equal content and form, in the presence of both undersigned
witnesses.
Rio de Janeiro, April 29, 1997.
ELETRON S.A.
Name (s)
Title (s)
LITEL PARTICIPACOES S.A.
Name (s)
Title (s)
CSN STEEL CORP.
Name (s)
Title (s)
SWEET RIVER INVESTMENT, LTD
Name (s)
Title (s)
VALEPAR S.A.
Name (s)
Title (s)
COMPANHIA SIDERURGICA NACIONAL
Name (s)
Title (s)
NATIONSBANK CORPORATION
Name (s)
Title (s)
BANCO OPPORTUNITY S.A.
Name (s)
Title (s)
Witnesses:
1. 2.
----------------------------- ----------------------------
TERMO ADITIVO AO INSTRUMENTO PARTICULAR DE
ACORDO DE ACIONISTAS DA VALEPAR S.A.
Assinam este instrumento:
I. LITEL PARTICIPACOES S.A., sociedade anonima, devidamente organizada e
validamente existente de acordo com as leis da Republica Federativa do Brasil,
com sede na Cidade do Rio de Janeiro, Estado do Rio de Janeiro, na Avenida
Presidente Wilson, 231, 10 no. andar, parte, inscrita no CGC/MF sob o no.
00.743.065/0001-27, por seus representantes abaixo assinados ("SPE Fundacoes");
II. CSN STEEL CORP., sociedade devidamente organizada e validamente existente de
acordo com as leis das Ilhas Cayman, com sede em Ugland House, PO Box 309,
George Town, Cayman, ilhas Cayman, British West Indies, por seus representantes
abaixo assinados ("SPE CSN");
III. SWEET RIVER INVESTMENTS, LTD., sociedade devidamente organizada e
validamente existente de acordo com as leis das Ilhas Cayman, com sede em Ugland
House, PO Box 309, George Town, Cayman, Ilhas Cayman, British West Indies, por
seus representantes abaixo assinados ("SPE Nations"),
IV. ELETRON S.A. companhia aberta com sede na cidade do Rio de Janeiro na
Avenida Presidente Wilson 231, 28 andar (parte) CGC/MF 00.514.998/0001-42, por
seus representantes legais, doravante "SPE Opportunity";
(SPE Fundacoes, SPE CSN, SPE Nations e SPE Opportunity, individualmente
referidas como "Parte" e conjuntamente referidas como "Partes"),
Como intervenientes:
V. VALEPAR S.A., sociedade anonima, devidamente organizada e validamente
existente de acordo com as leis da Republica Federativa do Brasil, com sede na
Cidade do Rio de Janeiro, Estado do Rio de Janeiro, na Rua Lauro Muller, 116, 36
no. andar, parte, inscrita no Cadastro Geral de Contribuintes do Ministerio da
Fazenda sob o no. 01.772.413/0001-57, por seus representantes abaixo assinados,
doravante simplesmente referida como "Companhia";
VI. COMPANHIA SIDERURGICA NACIONAL, sociedade anonima, devidamente organizada e
validamente existente de acordo com as leis da Republica Federativa do Brasil,
com sede na Cidade do Rio de Janeiro Estado do Rio de Janeiro, na Rua Lauro
Muller no. 116, 36 no. andar, inscrita no CGC/MF sob o no. 33.042.730/0001-04,
por seus representantes abaixo assinados, na qualidade de acionista titular da
totalidade das acoes ordinarias do capital social da SPE CSN, doravante
simplesmente referida como "CSN";
VII. NATIONSBANK CORPORATION, sociedade anonima, devidamente organizada e
validamente existente de acordo com as leis do Estado da Carolina do Norte,
Estados Unidos da America, com sede em 100 North Tryon St., Charlotte, North
Carolina, Estados Unidos da America, controladora indireta da SPE Nations,
atraves de sua subsidiaria Blue Ridge Investments L.L.C., por seus
representantes abaixo assinados, doravante simplesmente referida como
"NationsBank"; e
VIII. BANCO OPPORTUNITY S.A., instituicao financeira devidamente organizada e
existente de acordo com as leis do Brasil, com sede na Cidade do Rio de Janeiro,
Estado do Rio de Janeiro, na Av. Presidente Wilson, 231, 28o. andar, por seus
representantes legais
controladora indireta da SPE Opportunity, doravante referida como "Opportunity";
CONSIDERANDO QUE:
.. As Partes, exceto a SPE Opportunity, assinaram, em 24.04.97, o Acordo de
Acionistas da Valepar S.A. (o "Acordo"), por meio do qual ficaram regulados
determinados aspectos de suas relacoes como acionistas da Valepar S.A. (a
"Companhia"), conforme autoriza o artigo 118 da Lei no. 6.404, de 15 de
dezembro de 1976;
.. A SPE Opportunity tornou-se Parte do Acordo, em 29.04.97, mediante a
assinatura do respectivo termo de adesao; e
.. As Partes desejam alterar o Acordo, na forma abaixo.
Resolvem as Partes, como de fato e de direito resolvido tem, celebrar o presente
Termo Aditivo ao Acordo de Acionistas da Valepar S.A., que sera regido pelas
clausulas e condicoes adiante aduzidas:
l. Com relacao ao item 3.12 do Acordo de Acionistas, todas as Partes, exceto a
SPE Fundacoes e SPE CSN, expressam neste ato sua irrevogavel aprovacao a adesao
da INVESTVALE e/ou BNDESPAR ao Acordo, ficando pendente para a efetivacao da
referida adesao, apenas a aprovacao da SPE Fundacoes e da SPE CSN.
2. As Partes resolvem alterar o item 5.2.3 do Acordo de Acionistas, que passara
a ter a seguinte redacao:
"5.2.3. Na hipotese em que a SPE Fundacoes venha a alienar a INVESTVALE e/ou
BNDESPAR ou qualquer destas venha a adquirir de qualquer Parte, no prazo de 60
(sessenta) dias contados da data do Leilao, acoes ou direitos de subscricao de
acoes representativas do capital ordinario da VALEPAR, fica acertado que, a
criterio da SPE Fundacoes e/ou da SPE CSN, o percentual indicado no item 5.2.1
acima podera ser elevado para 75% (setenta e cinco por cento) do total das Acoes
Ordinarias Afetadas das Partes presentes a Reuniao Previa, computado conforme o
item 5.1 acima."
Permanecem inalteradas as demais clausulas do Acordo nao alteradas por este
Termo Aditivo, sendo as mesmas expressamente ratificadas neste instrumento, que
passa a fazer parte integrante do Acordo.
Estando assim justo e contratado, assinam as Partes o presente instrumento em 4
(quatro) vias de igual teor e forma, na presenca das testemunhas abaixo
assinadas.
Rio de Janeiro, 30 de abril de 1997.
LITEL PARTICIPACOES S.A
Por:
---------------------------------
Nome:
Cargo:
CSN STEEL CORP.
Por:
---------------------------------
Nome:
Cargo:
Continuacao da pagina de assinaturas do Termo Aditivo ao Acordo de Investimento
entre Caixa de Previdencia dos Funcionarios do Banco do Brasil - Previ, Fundacao
Petrobras de Seguridade Social - Petros, Fundacao Cesp. Fundacao dos
Economiarios Federais - Funcef, Companhia Siderurgica Nacional, e NationsBank
Corporation, de abril de 1997.
SWEET RIVER INVESTMENTS, LTD.
Por:
Nome:
Cargo:
ELETRON S.A.
Por:
Nome.
Cargo:
Intervenientes:
VALEPAR S.A.
Por:
Nome.
Cargo:
COMPANHIA SIDERURGICA NACIONAL
Por
Nome:
Cargo:
NATIONSBANK CORPORATION
Por:
Nome:
Cargo:
BANCO OPPORTUNITY S.A.
Por:
Nome:
Cargo:
Testemunhas:
1. 2.
------------------------------------ -----------------------------------
Nome: Nome:
CPF: CPF:
Ident.: Ident.:
FREE TRANSLATION
APRIL 8, 2002
ADDENDUM TO THE PRIVATE INSTRUMENT OF
SHAREHOLDERS' AGREEMENT OF VALEPAR S.A.
The undersigned:
I. LITEL PARTICIPACOES S.A., a company duly organized and existing under the
laws of Republic Federative of Brazil, with head offices at Avenida Presidente
Wilson , 231, 10th floor, in the City of Rio de Janeiro, State of Rio de
Janeiro, enrolled with the Brazilian Federal Taxpayers' Register (CNPJ) under
No. 00,743,065/0001-27, herein represented by its undersigned legal
representatives (hereinafter referred to as "SPE Fundacoes");
II. CSN STEEL CORP., a company duly organized and existing under the laws of
Cayman Islands, with head offices at Ugland House, PO Box 309, George Town,
Cayman, British West Indies, herein represented by its undersigned legal
representatives (hereinafter referred to as "SPE CSN");
III. SWEET RIVER INVESTMENTS, LTD., a company duly organized and existing under
the laws of Cayman Islands, with head offices at Ugland House, PO Box 309,
George Town Cayman, British West Indies, herein represented by its undersigned
legal representatives (hereinafter referred to as "SPE NATIONS");
IV. ELETRON S.A., a company duly organized and existing under the laws of
Republic Federative of Brazil, with head offices at Avenida Presidente Wilson,
231, 28th floor, in the City of Rio de Janeiro, State of Rio de Janeiro,
enrolled with the Brazilian Federal Taxpayers Register (CNPJ) under No.
00,743,065/0001-27, herein represented by its undersigned legal representatives
(hereinafter referred to as "SPE Opportunity");
(SPE Fundacoes, SPE CSN, SPE NATIONS and SPE Opportunity, individually referred
to as "Party" and collectively as "Parties")
As Intervening Parties:
2
V. VALEPAR S.A., a company duly organized and existing under the laws of
Republic Federative of Brazil, with head offices at Rua Lauro Muller, 116, 36
floor, in the City of Rio de Janeiro, State of Rio de Janeiro, enrolled with the
Brazilian Federal Taxpayers' Register (CNPJ) under No. 01,772,413/0001-57,
herein represented by its undersigned legal representatives (hereinafter
referred to as "Company");
VI. COMPANHIA SIDERURGICA NACIONAL, a company duly organized and existing under
the laws of Republic Federative of Brazil, with head offices at Rua Lauro
Muller, 116, 36 floor, in the City of Rio de Janeiro, State of Rio de Janeiro,
enrolled with the Brazilian Federal Taxpayers' Register (CNPJ/MF) under No.
33,042,730/0001-04, herein represented by its undersigned legal representatives,
and in the quality of shareholder holding of all common shares of SIDE CSN
capital stock (hereinafter referred to as "CSN");
VII. NATIONSBANK CORPORATION, a company duly organized and existing under the
laws of North Caroline, United States of America, with head offices at 100 North
Tryon St, Charlotte, North Caroline, United States of America, part of the
controlling group of SPE Nations, through its subsidiary Blue Ridge Investments
L.L.C., herein represented by its undersigned legal representatives (hereinafter
referred to as "NationsBank"); and
VIII. BANCO OPPORTUNITY S.A., a financial institution duly organized and existng
under the laws of Republic Federative of Brazil, with head offices at Avenida
Presidente Wilson, 231, 28 floor, in the City of Rio de Janeiro, State of Rio de
Janeiro, part of the controlling group of SPE Opportunity, herein represented by
its undersigned legal representatives (hereinafter referred to as
"Opportunity"),
WHEREAS:
.. The Parties, except for SPE Opportunity, executed on April 4, 1997, the
Shareholdes' Agreement of Valepar S.A. (hereinafter referred to as the
"Agreement"), by which certain aspects of the Parties' relationship as
shareholders of Valepar S.A were regulated (hereinafter referred to as the
"Company"), as permitted by article 118, of Law No. 6,404, as of December
15, 1976.
3
.. By virtue of the respective adhesion agreement, executed on April 29, 1997,
SPE Opportunity became a Party to the Agreement; and
.. The Parties wish to amend the Agreement, as provided hereinbelow.
The Parties resolve, as they have in fact and lawfully resolved, to enter into
this Addendum to the Private Instrument of Shareholders' Agreement of Valepar
S.A, which shall be governed under the conditions and clauses described below.
1. Pursuant to item 3.12 of the Shareholders' Agreement and except for SPE
Fundacoes and SPE CSN, all Parties hereby irrevocably approve the adhesion of
INVESTVALE and/or BNDESPAR to the Agreement. This adhesion shall be fully
effected upon approval of SPE Fundacoes and SPE CSN.
2. The Parties resolve to amend item 5.2.3. of the Shareholders' Agreement,
which shall henceforth come into effect with the following wording:
"Within sixty (60) days as of the date of the Bid, if SPE Fundacoes disposes of
shares or subscription rights to shares of the voting capital of Valepar, to
INVESTVALE and/ or BNDESPAR or any of them wishes to acquire from any Party such
shares or subscription rights, the percentage referred to in item 5.2.1. above
shall, at SPE Fundacoes and/or SPE CSN sole discretion, be raised to 75%
(seventy-five percent) of the common shares belonging to the Parties attending
the Prior Meeting, calculated as set forth in item 5.1 above."
The remaining clauses of the Agreement, not expressly hereby amended, remain in
full force, unamended and are by this instrument expressly ratified, which
becomes an integral part of the Agreement.
4
IN WITNESS WHEREOF, the Parties execute this instrument in four (4)
counterparts, of equal content and form, before the two (2) undersigned
witnesses.
Rio de Janeiro, April 30, 1997
LITEL PARTICIPACOES S.A.
By:
Name:
Title:
CSN STEEL CORP.
By:
Name:
Title:
SWEET RIVER INVESTMENTS, LTD.
By:
Name:
Title:
ELETRON S.A.
By:
Name:
Title:
As Intervening Parties:
VALEPAR S.A.
By:
Name:
Title:
COMPANHIA SIDERURGICA NACIONAL
By:
Name:
Title:
5
NATIONSBANK CORPORATION LITEL PARTICIPACOES
By:
Name:
Title:
BANCO OPPORTUNITY S.A.
By:
Name:
Title:
WITNESSES:
1.
----------------------
Carlos Eduardo Reich
Individuals Taxpayers' Register (CPF) No. 633.270.906-56
2.
----------------------
TERMO DE ADESAO
Pelo presente instrumento particular e na melhor forma de direito. (a)
Bradesplan Participacoes S.A., companhia brasileira com sede na Cidade de Deus,
Vila Yara, Osasco, Estado de Sao Paulo, inscrita no CNPJ sob o no.
61.782.769/0001-01; e (b) Opportunity Anafl Participacoes S.A., companhia
brasileira com sede na Cidade do Rio de Janeiro, na Av. Presidente Wilson no.
231, 28 no. andar (parte), inscrita no CNPJ sob o no. 02.992.366/0001-10, vem
pela presente, em carater declaratorio, aderir, para todos os efeitos legais, de
modo incondicional, irretratavel e irrevogavel ao Acordo de Acionistas da
Valepar S.A., sociedade anonima com sede na Cidade do Rio de Janeiro, Estado do
Rio de Janeiro, na Rua Lauro Muller, no. 116, 36 no. andar (parte), inscrita no
CNPJ sob o no. 01.772.413/0001-57, o qual foi assinado em 24 de abril de 1997,
de acordo com os termos e condicoes previstos no Edital no. PND/A/01/97 e
posteriormente objeto dos termos aditivos e termos de adesao a seguir
relacionados (Acordo de Acionistas da Valepar S.A., termos aditivos e termos de
adesao conjuntamente referidos por "ACORDO"), cujas copias ficam anexas a este
instrumento, como se fossem partes originais do referido ACORDO:
1 - Instrumento Particular de Acordo de Acionistas da Valepar S.A., de
24.04.97;
2 - Termo de Adesao ao Acordo de Acionistas da Valepar S.A., de 29.04.97;
3 - Termo Aditivo ao Instrumento particular de Acordo de Acionistas da
Valepar S.A., de 30.04.97;
4 - Aditivo ao Acordo de Acionistas da Valepar S.A., de 14.05.97.
As demais partes abaixo assinadas manifestam, neste ato, sua inteira ciencia e
concordancia a adesao da Bradesplan Participacoes S.A. e Opportunity Anafl
Participacoes S.A., na qualidade de acionistas controladoras da Eletron S.A., ao
referido ACORDO.
Rio de Janeiro, 28 de maio de 1999.
[ Assinado ] [ Assinado ]
Litel Participacoes S.A. CSN Steel Corp.
[ Assinado ] [ Assinado ]
Sweet River Investments, Ltd. Companhia Siderurgica Nacional
[ Assinado ] [ Assinado ]
Nationsbank Corporation Bndes Participacoes S.A. - BNDESPAR
1
[ Assinado ] [ Assinado ]
Eletron S.A. Clube de Investmentos dos Empregados
da Vale - INVESTVALE
[ Assinado ] [ Assinado ]
Bradesplan Participacoes S.A. Opportunity Anafi Participacoes S.A.
[ Assinado ] [ Assinado ]
Uniao de Comercio e Participacoes Ltda. Valetron S.A.
[ Assinado ] [ Assinado ]
Valepar S.A. Belapart S.A.
2
Free Translation
ADHESION INSTRUMENT
By this private instrument in the best legal form, (a) Bradesplan Participacoes
S.A., a Brazilian corporation with its head office located in Cidade de Deus,
Vila Yara, in the city of Osasco, state of Sao Paulo, enrolled with the National
Taxpayer Register (CNPJ) under no. 61.782.769/0001-01; and (b) Opportunity Anafl
Participacoes S.A., a Brazilian corporation with its head office located in the
city of Rio de Janeiro, state of Rio de Janeiro, at Av. Presidente Wilson no.
231, 28th floor (part), enrolled with the National Taxpayer Register (CNPJ)
under no. 02.992.36/0001-10, hereby declares unconditional, irreversible and
irrevocable commitment, for all legal effects, to the Shareholders' Agreement of
Valepar S.A., a corporation duly organized with its head office in the city of
Rio de Janeiro, state of Rio de Janeiro, at Rua Lauro Muller, no. 116, 36th
floor, enrolled with the National Taxpayer Register (CNPJ) under no.
01.772.413/0001-57, which was signed on April 24, 1997, in accordance with the
terms and conditions established in the Invitation to Bid no. PND/A/01/97 and
subsequently object of the following amendments and adhesion instruments
(Shareholders' Agreement of Valepar S.A., Amendments and Adhesion Instruments,
jointly referred to as "Agreement"), whose copies remain attached hereto, as if
they were original parts of the referred "Agreement":
1- Private Shareholders' Agreement of Valepar S.A., of 04/24/97;
2- Adhesion Instrument to the Shareholders' Agreement of Valepar S.A., of
04/29/97;
3- Additional Instrument to the Private Shareholders' Agreement of Valepar
S.A., of 04/30/97; and
4- Additional to the Shareholders' Agreement of Valepar S.A., of 05/14/97.
The other undersigned parties, declare hereby their full knowledge and agreement
to the adherence of Bradesplan Participacoes S.A. and Opportunity Anafl
Participacoes S.A. to the refereed "Agreement", in the capacity of controlling
shareholders of Eletron S.A..
Rio de Janeiro, May 28, 1999.
[ Signed ] [ Signed ]
Litel Participacoes S.A. CSN Steel Corp.
[ Signed ] [ Signed ]
Sweet River Investments, Ltd. Companhia Siderurgica Nacional
[ Signed ] [ Signed ]
Nationsbank Corporation Bndes Participacoes S.A. - BNDESPAR
[ Signed ] [ Signed ]
Eletron S.A. Clube de Investmentos dos Empregados da
Vale - INVESTVALE
[ Signed ] [ Signed ]
Bradesplan Participacoes S.A. Opportunity Anafi Participacoes S.A.
[ Signed ] [ Signed ]
Uniao de Comercio e Participacoes Ltda. Valetron S.A.
[ Signed ] [ Signed ]
Valepar S.A. Belapart S.A.
Rio de Janeiro, 07 de marco de 2003
A
VALEPAR S.A.
Av. Graca Aranha, 26, 19 no. andar (parte)
Rio de Janeiro - RJ
At. Diretor Presidente
Fax: 21 3814 8810 / 3814 4493
Diretor Juridico
Fax: 21 3814 9921
E AOS DESTINATARIOS NA LISTA ANEXA
NOTIFICACAO
Prezados Senhores,
LITELA PARTICIPACOES S.A., sociedade anonima devidamente constituida e
validamente existente de acordo com as leis da Republica Federativa do Brasil,
com sede na Rua da Assembleia, no. 100 - 17 no. andar, na Cidade do Rio de
Janeiro, Estado do Rio de Janeiro, inscrita no CNPJ/MF sob o no.
05.495.546/0001-84, neste ato representada na forma de seu Estatuto Social,
informa que adquiriu, na presente data, 6.643.814 (seis milhoes, seiscentas e
quarenta e tres mil e oitocentas e quatorze) acoes ordinarias de emissao da
Valepar S.A. ofertadas pela Sweet River Investments Ltd. ("Acoes Valepar")
1
Ante o exposto e tendo em vista os termos do Instrumento Particular de Acordo de
Acionistas da Valepar S.A. firmado em 24 de abril de 1997 e seus aditivos
("Acordo Valepar"), mais especificamente em obediencia ao disposto no item 3.8
do acordo em referencia, vimos pela presente NOTIFICACAO comunicar-lhes nossa
adesao formal, incondicional e irrevogavel aos termos do Acordo Valepar.
Atenciosamente,
-----------------------------------------------------------------------
LITELA PARTICIPACOES S.A.
Ricardo Carvalho Giambroni Octavio Mauro Muniz Freire Alves
Diretor Presidente Diretor
Interveniente:
-----------------------------------------------------------------------
LITEL PARTICIPACOES S.A.
Ricardo Carvalho Giambroni Octavio Mauro Muniz Freire Alves
2
LISTA DE DESTINATARIOS
Sweet River Investments Limited Bank of America Corporation
At. Mr. Adrian Pope General Counsel
Maples & Calder
Ugland House 100 North Tryon Street
PO Box 309 Charlotte, NC 28255 - USA
South Church Street, George Town
Grand Cayman, Cayman Islands Fax: 1 704 409 0342
British West Islands, British West Indies
Fax: 345 949 8080
Sweet River Investments Limited Eletron S.A.
Bank of America - Brasil S.A. Av. Brigadeiro Faria Lima, 3.064, 6 no. andar
Av. Brigadeiro Faria Lima, 1485, 7 no. andar 01451-000
Torre Norte, Sao Paulo - SP Sao Paulo - SP
01451-904 At. Diretor Presidente
Fax: 11 3038 4960 Fax: 11 3049 3935
At. Mr. Ian Robert Dubugras, Jr.
Babie Participacoes Ltda. Clube de Investimentos dos Empregados da Vale -
Av. Brigadeiro Faria Lima, 3.064, 6 no. andar Investvale
01451-000 Av. Graca Aranha, n. no. 26, 1 no. e 19 no. andares
Sao Paulo - SP 20005-900
At. Diretor Presidente Rio de Janeiro - RJ
Fax: 11 3049 3935 At. Diretor Presidente
Fax: 21 3814 4580 / 3814 4592 / 38144696
BNDES Participacoes S.A. - BNDESPar Opportunity Anafi Participacoes S.A.
Av. Republica do Chile, 100, 10 no. / 19 no. andares Av. Presidente Wilson, 231, 28 no. andar
20031-170 20030-021
Rio de Janeiro - RJ Rio de Janeiro - RJ
At. Diretor Presidente At. Diretor Presidente
Fax: 21 2240 3890 / 2533 1538 / 3814 4696 Fax: 21 38043480
Banco Opportunity S.A.
Av. Presidente Wilson, 231, 28 no. andar
20030-021
Rio de Janeiro - RJ
At. Diretor Presidente
Fax: 21 3804 3480
3
Free Translation
Rio de Janeiro, March 7, 2003
To
VALEPAR S.A.
Av. Graca Aranha, 26, 19th floor
Rio de Janeiro - RJ
At. Chief Executive Officer
Fax: 21 3814 8810 / 3814 4493
Legal Officer
Fax: 21 3814 9921
AND TO THE ADDRESSEES ON THE ANNEX LIST
NOTICE
Dear Sirs,
LITELA PARTICIPACOES S.A., a corporation duly organized and existing under the
laws of Brazil, with its principal office located at Rua da Assembleia, 100,
17th floor, in the city of Rio de Janeiro, in the state of Rio de Janeiro,
Brazil, enrolled with the National Taxpayer Register (CNPJ) under No.
05.495.546/0001-84, herein represented in accordance with its By-laws, notifies
that has acquired, on the present date, 6.643.814 (six million, six hundred and
forty three thousand and eight hundred and fourteen) common shares issued by
Valepar S.A. offered by Sweet River Investments Ltd. ("Valepar Shares")
1
Free Translation
In view of the above mentioned and considering the terms of Valepar
Shareholders' Agreement executed in April 24 of 1997 and its amendments
("Valepar Agreement"), specifically in accordance with the terms of clause 3.8
of such agreement, we hereby notify our formal, unconditional and irrevocable
commitment to terms of the Valepar Agreement.
Sincerely,
[ Signed ]
-------------------------------------------------------------
LITELA PARTICIPACOES S.A.
Ricardo Carvalho Giambroni Octavio Mauro Muniz Freire Alves
Chief Executive Officer Officer
Intervening Party:
[ Signed ]
-------------------------------------------------------------
LITEL PARTICIPACOES S.A.
Ricardo Carvalho Giambroni Octavio Mauro Muniz Freire Alves
2
Free Translation
LIST OF ADDRESSEES
Sweet River Investments Limited Bank of America Corporation
Att. Mr. Adrian Pope General Counsel
Maples & Calder
Ugland House 100 North Tryon Street
PO Box 309 Charlotte, NC 28255 - USA
South Church Street, George Town
Grand Cayman, Cayman Islands Fax: 1 704 409 0342
British West Islands, British West Indies
Fax: 345 949 8080
Sweet River Investments Limited Eletron S.A.
Bank of America - Brasil S.A. Av. Brigadeiro Faria Lima, 3.064, 6th floor
Av. Brigadeiro Faria Lima, 1485, 7th floor 01451-000
Torre Norte, Sao Paulo - SP Sao Paulo - SP
01451-904 Att. Chief Executive Officer
Fax: 11 3038 4960 Fax: 11 3049 3935
Att. Mr. Ian Robert Dubugras, Jr.
Babie Participacoes Ltda. Clube de Investimentos dos Empregados da Vale -
Av. Brigadeiro Faria Lima, 3.064, 6 no. floor Investvale
01451-000 Av. Graca Aranha, 26, 1st and 19th floors
Sao Paulo - SP 20005-900
Att. Chief Executive Officer Rio de Janeiro - RJ
Fax: 11 3049 3935 Att. Chief Executive Officer
Fax: 21 3814 4580 / 3814 4592 / 38144696
BNDES Participacoes S.A. - BNDESPar Opportunity Anafi Participacoes S.A.
Av. Republica do Chile, 100, 10th / 19th Av. Presidente Wilson, 231, 28th floor
floors 20031-170 20030-021
Rio de Janeiro - RJ Rio de Janeiro - RJ
Att. Chief Executive Officer Att. Chief Executive Officer
Fax: 21 2240 3890 / 2533 1538 / 3814 4696 Fax: 21 38043480
Banco Opportunity S.A.
Av. Presidente Wilson, 231, 28th floor
20030-021
Rio de Janeiro - RJ
Att. Chief Executive Officer
Fax: 21 3804 3480
3