Billiton enters fight for Rio Algom

Article Abstract:

Billiton PLC has initiated a bidding war for Rio Algom Ltd. Billiton offered $27 per share against $24.50 per share, as offered by Noranda Inc. Rio Algom mines copper and coal and operates a stainless steel and aluminum distribution business. Billiton wants to acquire Rio Algom so that it can add copper to its list. Billiton estimates that Rio Algom will be the fifth largest copper producer in the world. Noranda owns a 9% share in Rio Algom and might come back with a higher bid. In case the takeover bid fails, Rio Algom will pay Billiton a $45-million breakup fee.

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Noranda gives up bid for Rio Algom

Article Abstract:

Industry analysts predict that Rio Algom Ltd. will be acquired by United Kingdom's Billiton PLC. Toronto, Ont.-based Noranda Inc. dropped out of the bidding war for Rio Algom following Billiton's $1.7 billion bid.

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Boliden sells Chilean project

Article Abstract:

Boliden Ltd. acknowledged that it is selling off its Chilean copper interest to Falconbridge Ltd. and Noranda Inc. Boliden will be paid US$64.4 million in net proceeds in the deal.

Foreign operations, Facilities & equipment, Chile, Mining & Extractive Industries, Mining, Falconbridge Ltd., FALCF, Boliden Ltd.

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