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Xstrata's subsidiary Falconbridge Limited announces expiry of offer for Novicourt
XSTRATA’S SUBSIDIARY FALCONBRIDGE LIMITED ANNOUNCES EXPIRY OF OFFER FOR NOVICOURTToronto, 22 August 2006
Xstrata’s subsidiary, Falconbridge Limited, announced today that, following the expiry of Falconbridge’s offer dated June 26, 2006 (the “Offer”) to purchase all of the outstanding common shares of its subsidiary Novicourt Inc., that Falconbridge does not already own (the “Novicourt Shares”), an additional 1,270,923 common shares of Novicourt Inc. have been tendered under Falconbridge’s offer. Novicourt Shares tendered to Falconbridge have been taken up and will be paid for by 25 August, 2006.
As at 6:00 p.m. (Toronto time) on 22 August, 2006, the expiry time of the Offer, and taking into account the Novicourt Shares taken up on 9 August, 2006, a total of 6,339,593 Novicourt Shares, representing approximately 83.2% of all Novicourt Shares that were not already owned by Falconbridge, have been tendered to the Offer.
Falconbridge intends to acquire all outstanding Novicourt Shares that have not been tendered to the Offer, pursuant to a subsequent acquisition transaction, with the result that Novicourt will become a wholly-owned subsidiary of the Xstrata Group.
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