China Minmetals proposes to acquire Noranda

Archiv – Canada-based Noranda Inc. and China Minmetals Corp. have announced that Noranda, Minmetals and Brascan Corp. have entered into exclusive negotiation of a preliminary proposal from Minmetals to acquire 100% of the outstanding common shares of Noranda. Canada-based Noranda Inc. and China Minmetals Corp. have announced that Noranda, Minmetals and Brascan Corp. have entered into exclusive negotiation of a preliminary proposal from Minmetals to acquire 100% of the outstanding common shares of Noranda.
Following a comprehensive review by a special committee within Noranda of a number of proposals from various parties over the past several months, the company 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 of Noranda’€™s common shareholders.
Noranda is a leading copper and nickel company, and has investments in fully-integrated zinc and aluminium assets. It operates mines, smelters and recycling operations throughout the world. Additionally, the company controls nickel and copper enterprise Falconbridge Ltd. The company’€™s primary focus is the identification and development of world-class copper and nickel mining deposits, but it is also a leading e-scrap recycler. Noranda employs 15 000 people throughout its operations, has offices in 18 countries, and is listed on The New York Stock Exchange and The Toronto Stock Exchange (NRD).
Beijing-based China Minmetals Corporation is an international producer and trading group with a 50-year history focused on metals, minerals and electrical products. In 2003, Minmetals’€™ revenue totalled more than US$ 11 billion and the volume of its metal futures business amounted to over US$ 27 billion.
Miao Gengshu, President of China Minmetals, stated: ’We are pleased that our proposal to acquire Noranda has been selected for exclusive negotiation. Minmetals has one of the world’€™s leading international metal and mineral trading operations and is well positioned in the world’€™s largest and fastest-growing metals market. Together with Noranda’€™s management, expertise, technology and worldwide copper, nickel and zinc operations, we have the potential to play an even broader role in the global base metals industry.’€™