VANCOUVER, July 28 /CNW/ - Teck Cominco Limited (TSX - TCK.A; TCK.B;
NYSE - TCK) today responded to the announcement by Falconbridge that its
support agreement with Inco has been terminated.
Teck Cominco President and Chief Executive Officer, Don Lindsay, said:
"This clears the way for our offer to proceed directly to Inco shareholders.
As we announced on July 21, our offer remains open until August 16, 2006. In
the meantime, we continue to assess all relevant developments and market
conditions solely in the context of determining what makes sense for Teck
Cominco shareholders. We understand the real value that a combination of Teck
Cominco and Inco could mean for our shareholders, but it is only one of many
opportunities that we are considering. If the market determines that Inco is
worth more than we are prepared to pay, we will accept that. We will not be
drawn into a bidding war that would be inconsistent with our commitment to
value for Teck Cominco shareholders."
About Teck Cominco
Teck Cominco is a diversified mining company, headquartered in Vancouver,
Canada. Shares are listed on the Toronto Stock Exchange under the symbols
TCK.A and TCK.B. and the New York Stock Exchange under the symbol TCK. The
company is a world leader in the production of zinc and metallurgical coal and
is also a significant producer of copper, gold and specialty metals. Further
information can be found at www.teckcominco.com.
Important Notice
This press release may be deemed to be solicitation material in respect
of Teck Cominco's proposed tender offer for the shares of Inco. On May 23,
2006, Teck Cominco has filed the following documents with the Securities and
Exchange Commission ("SEC") in connection with its offer to purchase all of
the outstanding common shares of Inco: (1) a Registration Statement on Form
F-10 (containing an offer to purchase and a share take-over bid circular) and
(2) a tender offer statement on Schedule T-O. Investors and shareholders are
urged to read the Registration Statement, the Schedule T-O and any other
relevant documents filed or that will be filed with the SEC when they become
available because they will contain important information about the tender
offer. These documents will be available without charge on the SEC's web site
at www.sec.gov and may be obtained without charge from the SEC at telephone
number 800-SEC-0330. Free copies of these documents can also be obtained by
directing a request to Teck Cominco, 600-200 Burrard St. Vancouver British
Columbia Canada, V6C 3L9, attention Corporate Secretary, by telephone to (604)
687-1117, or by email to: info(at)teckcominco.com.
Forward-Looking Statements
This press release contains certain forward-looking statements within the
meaning of the United States Private Securities Litigation Reform Act of 1995.
Forward-looking statements can be identified by the use of words such as
"plans", "expects" or "does not expect", "is expected", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates" or "does not anticipate",
or "believes", or variation of such words and phrases or state that certain
actions, events or results "may", "could", "should", "would", "might" or
"will" be taken, occur or be achieved. Forward-looking statements involve
known and unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of Teck Cominco or Inco to be
materially different from any future results, performance or achievements
expressed or implied by the forward-looking statements. These forward-looking
statements include statements concerning Teck Cominco's intentions regarding
the amendment of its offer for Inco.
Certain of these risks are described in more detail in the annual
information form of the company and in its public filings with the SEC. The
company does not assume the obligation to revise or update these
forward-looking statements after the date of this document or to revise them
to reflect the occurrence of future unanticipated events, except as may be
required under applicable securities laws.
