SHERRITT COAL PARTNERSHIP II has withdrawn its latest takeover bid for FORDING INC., instead agreeing to combine the metallurgical coal assets of Fording, TECK COMINCO, and LUSCAR ENERGY PARTNERSHIP (owned by SHERRITT INTERNATIONAL and a subsidiary of ONTARIO TEACHERS' PENSION PLAN BOARD).
The partnership will be the world's second largest metallurgical coal company with 2003 sales estimated to be 25 million tonnes. The newly-formed FORDING CANADIAN COAL TRUST will hold 65% of the combined coal assets. The Fording Trust will also retain 100% of Fording's industrial minerals business. Sherritt Coal Partnership II will purchase Fording's prairie coal operations.
This is a complicated arrangement requiring significant investments by some participants. Full details are available at www.newswire.ca . Click "Organizations" and search for any of the companies involved.