• Categories
  • Archives

Brazil’s CVRD Extends Deadline for Its Canadian Bid

Brazil’s Companhia Vale do Rio Doce (CVRD), the world’s largest iron-ore producer, announced this Monday, September 25 that it has reviewed the press release issued by Canada’s Inco on September 24, 2006.

The Brazilian company has made a US$ 17.3 billion offer for Inco Ltd., the Toronto-based company that is the world’s second-largest nickel miner.

CVRD said that it is pleased that Inco board of directors has recommended that Inco shareholders tender their common shares to CVRD’s offer to purchase all of the outstanding common shares of Toronto-based Inco at a price of C$ 86.00 (US$ 77) in cash per share.

Notwithstanding Inco’s management support, CVRD has yet to obtain several regulatory clearances in Canada and Europe before the conclusion of the offering process.

CVRD also announced that it intends to extend the expiry date of the offer from 8 pm (Toronto time) on Thursday, September 28, 2006 to 8 pm on Monday, October 16, 2006. This extension is intended to provide additional time to obtain a net benefit ruling under the Investment Canada Act and also to allow for expiry of the Phase I period under the EC Merger Regulation.

CVRD has been advised by the Investment Review Division of Industry Canada that the Minister of Industry, Maxime Bernier, will exercise his right to extend the review period under the Investment Canada Act for a further 30 days, although the Bernier may issue a ruling at any time during the review period.


  • Show Comments (0)

Your email address will not be published. Required fields are marked *

comment *

  • name *

  • email *

  • website *

This site uses Akismet to reduce spam. Learn how your comment data is processed.


You May Also Like

Despite Instability Brazil Wishes to Do Business with Bolivia

Brazilian Minister of Foreign Relations, Celso Amorim, affirmed that the relation between Brazil and ...

Brazil to Pressure Paraguay into Accepting Venezuela in Mercosur

Believing that Venezuela is an extremely important factor for the social and economic development ...

Brazil’s Lula Wants Racist Soccer Clubs Banned from International Matches

Brazilian President Luiz Inácio Lula da Silva wants that soccer clubs and national teams ...

Brazil’s Most Thorough Heart Study Ever Warns: Country Needs Prevention

The biggest ever study of heart problems in Brazil, which has been two years ...

Busy Schedule for Japanese Premier in Brazil

The Prime Minister of Japan, Junichiro Koizumi, who is accompanied by a group of ...

Starting November Delta Will Fly Non-Stop from Detroit to São Paulo, Brazil

American company Delta Air Lines announced plans to introduce nonstop flights between its Detroit ...

Adopting US Digital Technology Would Be Shame for Brazil, Says Argentinean

The decision by Brazil on its digital format could influence the future of telecommunications ...

Only 14% of Brazilian Women Hold Executive Positions

In Brazil, women stay in school longer and are financially responsible for an increasing ...

Paving the Way to Brazil for Bush

U.S. Treasury Secretary, John Snow, spent time in Brazil in August, as part of ...