Thursday, June 17, 2004
Yahoo! News - Noranda enters buyout talks: "Toronto-based Noranda, 43 per cent owned by Canadian conglomerate Brascan, is the world's third-biggest zinc producer and ninth-biggest copper producer. It also produces nickel and primary aluminium.
Increasing Chinese demand for commodities, lack of new metals supply and consolidation in the industry provided 'an opportune environment to review our options' to increase value for Brascan and Noranda shareholders, said Bruce Flatt, Brascan chief executive.
Brascan made clear two years ago that it wished to sell its stake in Noranda to focus on real estate, power generation and asset management. Brascan said yesterday it was 'supportive' of Noranda's efforts to find a buyer. "
Increasing Chinese demand for commodities, lack of new metals supply and consolidation in the industry provided 'an opportune environment to review our options' to increase value for Brascan and Noranda shareholders, said Bruce Flatt, Brascan chief executive.
Brascan made clear two years ago that it wished to sell its stake in Noranda to focus on real estate, power generation and asset management. Brascan said yesterday it was 'supportive' of Noranda's efforts to find a buyer. "
