CVRD takes over Inco

Companhia Vale do Rio Doce (CVRD) has announced, on 24 October, that it has acquired 75.7% of Inco Ltd’s shares thus taking control of the Canadian nickel company to become one of the world’s three biggest diversified miners with a leading position in nickel, iron ore, bauxite, alumina and manganese. CVRD also said that it has extended its all cash offer of CAD 86 a share until 3rd November to give it more time to obtain the remaining shares and will take steps to acquire them. The company plans to delist Inco shares from the New York and Toronto stock exchanges promptly. CVRD said that it will seek to reconstitute the Inco board of directors and delist the shares from the New York Stock Exchange and as soon as possible from the Toronto Stock Exchange. Once it has acquired sufficient shares, CVRD will drop Inco stock from markets, dissolve its board and seek to have the company begin reporting as a foreign private issuer under the US securities law.
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