Falconbridge Limited ("Falconbridge" or the "Company") (TSX: FAL)(NYSE: FAL) announced today that, following the expiry, earlier today, of its offer dated June 26, 2006 (the "Offer") to purchase all of the outstanding common shares (the "Novicourt Shares") of its subsidiary Novicourt Inc. ("Novicourt") that Falconbridge does not already own, all of the conditions set out in the Offer had been met. A total of 5,068,720 Novicourt Shares, representing approximately 66.5% of all Novicourt Shares that were not already owned by Falconbridge, were tendered to the Offer.
Accordingly, Falconbridge has taken up and intends to pay for all Novicourt Shares deposited under the Offer on August 14, 2006.
Falconbridge has granted additional time to Novicourt shareholders who have not yet tendered their Novicourt Shares, by extending its offer to 6:00 p.m. (Toronto time) on August 22, 2006. Falconbridge intends to acquire all outstanding Novicourt Shares not tendered by that date pursuant to rights of compulsory acquisition, if available, or pursuant to a subsequent acquisition transaction, with the result that Novicourt will become a wholly-owned subsidiary of Falconbridge.
Falconbridge Limited is a leading copper and nickel company with investments in fully-integrated zinc and aluminum assets. Its primary focus is the identification and development of world-class copper and nickel mineral deposits. It employs 14,500 people at its operations and offices in 18 countries. Falconbridge's common shares are listed on the New York Stock Exchange (FAL) and the Toronto Stock Exchange (FAL). Falconbridge's website can be found at www.falconbridge.com.
Certain statements contained in this News Release are forward-looking statements (as defined in applicable securities legislation). Examples of such statements include, but are not limited to, statements concerning our intention to undertake a compulsory acquisition, if available, or a subsequent acquisition transaction. Inherent in forward-looking statements are risks and uncertainties well beyond our ability to predict or control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this News Release. Such statements are based on a number of assumptions which may prove to be incorrect, including, but not limited to, assumptions about the timing, steps to be taken with respect to a compulsory acquisition, if available, or a subsequent acquisition transaction; the approvals or clearances required to be obtained by Falconbridge from regulatory and other agencies and bodies being obtained in a timely manner. Inherent in those statements are known and unknown risks, uncertainties and other factors well beyond the Company's ability to control or predict. Some of these known risks and uncertainties are outlined in filings by Falconbridge with applicable securities regulatory authorities, including in Falconbridge's annual information form. Readers are encouraged to consult such filings. While Falconbridge anticipates that subsequent events and developments may cause Falconbridge's views to change, the Company specifically disclaims any obligation to update these forward-looking statements. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of this news release. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Stephen K. Young