Inco Ltd. announced that its shareholders overwhelmingly approved the amalgamation of Inco with Itabira Canada Inc., a wholly-owned indirect subsidiary of CVRD, at a meeting in Toronto Jan. 3.
Pursuant to the amalgamation, Inco will become a wholly-owned indirect subsidiary of CVRD and change its name to CVRD Inco Ltd.
Inco and Itabira Canada intend to file articles of amalgamation which will become effective on Jan. 4. Upon the amalgamation, shareholders of Inco (other than dissenting shareholders and Itabira Canada) will receive, for each Inco common share held by them, one Class A redeemable preferred share of CVRD Inco.
As soon as practicable following the amalgamation, each Class A redeemable preferred share of CVRD Inco will be redeemed for $86 (CDN) in cash.
An application has been made for the de-listing of Inco’s shares from the Toronto Stock Exchange. Inco expects to suspend its reporting obligations with the US Securities and Exchange Commission effective Jan. 4 and is applying to cease to be a reporting issuer under Canadian securities laws.
