Globe and Mail – Shares of Noranda Income Fund fell nearly 9 per cent on Thursday after Xstrata Zinc, a division of mining giant Xstrata PLC, officially walked away from its takeover offer for the company.
Talks between the two broke off because managers could not agree on price. Although Swiss-based Xstrata increased its original July 30 bid by 15 per cent, to $3.90 per unit, the independent members of Noranda’s board of trustees did not support the offer. Taking debt into account, the deal value would have totalled about $400-million.
