Noranda Inc. and China Minmetals Corp. announced that Noranda, Minmetals and Brascan Corp. have entered into exclusive negotiations concerning a preliminary proposal from Minmetals to acquire Noranda.
Following a comprehensive review by a Special Committee of Noranda of a number of proposals from various parties over the past several months, Noranda has granted Minmetals exclusivity to complete its due diligence and negotiate definitive agreements. Minmetals' proposal contemplates that the transaction would be completed by way of a plan of arrangement and voted on by all Noranda common shareholders.
Norana operates mines, smelters, and recycling operations throughout the world. Additionally, the company controls Falconbridge Ltd, a nickel and copper operation.
Derek Pannell, president and CEO of Noranda, stated, "I am encouraged by our discussions and hope to be able to crystalize value for current shareholders of Noranda. This proposed transaction represents an opportunity to enter an exciting new period of growth and development. China Minmetals is a highly respected global organization with a strong commitment to the mining and metals industry."
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