VANCOUVER, Aug. 16 /CNW/ - Teck Cominco Limited (TSX - TCK.A; TCK.B; NYSE
- TCK) today announced that its proposed equity offering announced yesterday
will not proceed. Teck will not be amending its outstanding offer to acquire
all of the outstanding common shares of Inco Limited. Teck's offer for Inco
will expire at midnight (Toronto time) on August 16, 2006.
Teck Cominco President and Chief Executive Officer Don Lindsay said:
"While we received strong support from a large number of institutional
investors, in the end we could not complete the proposed equity offering on
terms that made sense for Teck Cominco. Accordingly, we will not amend or
extend our bid for Inco. We will now pursue some of the many other
opportunities we see to grow Teck Cominco and to add value for our
shareholders, both through enhancements to our existing assets and through
acquisitions."
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 on 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 tender offer for the shares of Inco. On May 23, 2006, Teck
Cominco 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.
