Noranda Update on Negotiations with
China Minmetals
TORONTO, ONTARIO, Nov 4, 2004 (CCNMatthews via COMTEX) -- Noranda Inc. (TSX/NYSE:NRD)
announced today that exclusive negotiations with China Minmetals Corporation
regarding the possible acquisition of 100% of the outstanding common shares
of Noranda are continuing. As was previously announced, the price for the
Noranda common shares is expected to be at a small premium to the share
price of Noranda's common shares at the time of the September 24, 2004,
announcement.
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.
The proposal is subject to a number of conditions including government
approvals, successful completion of due diligence, negotiation and execution
of definitive transaction and financing agreements.
Minmetals' preliminary proposal consists substantially of cash, as well as
the distribution to shareholders of certain Noranda holdings, principally
consisting of its aluminum business. Details of the terms of any final
proposal will be disclosed upon signing of definitive agreements.
The preliminary proposal made by Minmetals is non-binding and there can be
no assurance that a transaction will proceed.
Noranda is a leading copper and nickel company with investments in
fully-integrated zinc and aluminum assets. The Company's primary focus is
the identification and development of world-class copper and nickel mining
deposits. It employs 15,000 people at its operations and offices in 18
countries and is listed on The New York Stock Exchange and The Toronto Stock
Exchange (NRD). The company's web site can be found at
www.noranda.com
Noranda Inc.
Denis Couture
VP, Investor Relations, Communications and Public Affairs
(416) 982-7020
(416) 982-7242 (FAX)
denis.couture@toronto.norfalc.com
NEWS RELEASE TRANSMITTED BY CCNMatthews
|
|
