Noranda ends exclusive period of talks with China Minmetals
Last Updated: Tuesday, November 16, 2004 | 4:35 PM ET
CBC News
Noranda Inc. said it has ended a period of exclusivity in its takeover talks with China Minmetals, but said talks are still continuing.
Noranda said Tuesday it will also be open to other alternatives, including deals with other companies.
On Sept. 24, Noranda confirmed that a special committee of its board of directors had entered into an exclusive arrangement to negotiate a $7-billion US takeover by Chinese state-owned Minmetals.
"Since that time, Minmetals has been conducting its due diligence and discussions have been taking place regarding the terms of a definitive agreement to give effect to the proposed transaction," Noranda said.
In deciding to open talks up to other possible parties, Noranda said its special committee took into account the time elapsed since exclusivity was first granted to Minmetals. The committee also gauged recent strength in metal prices, the global economic market for commodities and Noranda's recent strong performance in making its decision.
Noranda shares rose 80 cents on the TSX, ending at $21.30.
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