Business
Teck Cominco withdraws equity offering
Teck Cominco withdraws equity offering.
About this update from Teck Resources Limited Class A
[{"type":"text","content":"\n\n\n\n\nVANCOUVER, Aug. 16 /CNW/ - Teck Cominco Limited (TSX - TCK.A; TCK.B; NYSE\n- TCK) today announced that its proposed equity offering announced yesterday\nwill not proceed. Teck will not be amending its outstanding offer to acquire\nall of the outstanding common shares of Inco Limited. Teck's offer for Inco\nwill expire at midnight (Toronto time) on August 16, 2006.\nTeck Cominco President and Chief Executive Officer Don Lindsay said:\n\"While we received strong support from a large number of institutional\ninvestors, in the end we could not complete the proposed equity offering on\nterms that made sense for Teck Cominco. Accordingly, we will not amend or\nextend our bid for Inco. We will now pursue some of the many other\nopportunities we see to grow Teck Cominco and to add value for our\nshareholders, both through enhancements to our existing assets and through\nacquisitions.\"\n\nAbout Teck Cominco\n\nTeck Cominco is a diversified mining company, headquartered in Vancouver,\nCanada. Shares are listed on the Toronto Stock Exchange under the symbols\nTCK.A and TCK.B. and on the New York Stock Exchange under the symbol TCK. The\ncompany is a world leader in the production of zinc and metallurgical coal and\nis also a significant producer of copper, gold and specialty metals. Further\ninformation can be found at www.teckcominco.com.\n\nImportant Notice\n\nThis press release may be deemed to be solicitation material in respect\nof Teck Cominco's tender offer for the shares of Inco. On May 23, 2006, Teck\nCominco filed the following documents with the Securities and Exchange\nCommission (\"SEC\") in connection with its offer to purchase all of the\noutstanding common shares of Inco: (1) a Registration Statement on Form F-10\n(containing an offer to purchase and a share take-over bid circular) and (2) a\ntender offer statement on Schedule T-O. Investors and shareholders are urged\nto read the Registration Statement, the Schedule T-O and any other relevant\ndocuments filed or that will be filed with the SEC when they become available\nbecause they will contain important information about the tender offer. These\ndocuments will be available without charge on the SEC's web site at\nwww.sec.gov and may be obtained without charge from the SEC at telephone\nnumber 800-SEC-0330. Free copies of these documents can also be obtained b...