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By Reuters Staff
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SAO PAULO (Reuters) - Brazilian miner Vale said in a securities filing on Tuesday it will suspend operations at its Sudbury, Canada nickel mine, after its proposal for a five-year contract was rejected by the United Steelworkers union.
United Steelworkers Local 6500, which represents 2,600 workers at the mine, said in a statement that 70% of those who voted were opposed to the Vale offer and wanted the union - whose bargaining committee had recommended the preliminary deal - to return to the bargaining table.
“What we have is a clear message from our membership that our bargaining team . has taken back to the company,” said Kevin Boyd, vice president at USW Local 6500, adding that talks are ongoing.
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SAO PAULO (Reuters) -Banco Inter SA’s units soared on Monday after payments company StoneCo Ltd said it would buy a stake of up to 4.99% in the Brazilian online bank and the bank separately announced plans for a Nasdaq listing.
Banco Inter units rose 23% in Sao Paulo, its second-largest daily rise in a year. BTG Pactual analyst Eduardo Rosman said in a note to clients the agreement with Stone “brings a very strong partner” for Inter and its future U.S. listing gives its controlling shareholders more firepower for M&A.
Stone, which is backed by U.S. investors such as Berkshire Hathaway Inc , will have the right of first refusal in case Inter’s control changes, and a seat at the digital bank’s board. Rosman compared the Inter-Stone agreement with the partnership between Square Inc and CashApp.