Teck Cominco Buys Global Copper

Global Copper Corp. (GOCPF.PK) shares were up more than 21% Monday morning after Teck Cominco Ltd. (TCK) announced it has agreed to buy Global in a cash and stock deal worth C$425-million. Global stock was up C$2.37 to C$13.50 at 11:24 a.m yesterday, while Teck shares were down 2% or C$0.90 to C$45.71.

Under the arrangement, Global shareholders will receive C$12 or 0.26667 of a Teck Class B subordinate voting share per Global common share, subject to pro-ration, and one share of a new company, to be named Lumina Copper Corp.

At full pro-ration, Global shareholders will receive C$3 in cash and 0.2 of a Teck class B share per Global common share. If the market price of Teck class B shares at closing is less than C$45 per share, Teck will pay additional consideration, in cash or Teck Class B shares, such that the consideration payable for each Global share has a value of C$12.00.

Global's principal asset is the Relincho copper/molybdenum deposit located in northern Chile.