On June 14, 2007, Sherritt International Corporation (TSX: S) and Dynatec Corporation (TSX: DY) completed a plan of arrangement, pursuant to which Sherritt has acquired all of Dynatec's issued and outstanding common shares for approximately C$1.6 billion (US$1.42 billion). Under the terms of the arrangement and related steps, shareholders of Dynatec received 0.19 of a Sherritt common share and approximately 0.0635 of a common share of FNX Mining Company Inc. for each of their Dynatec common shares. Sherritt is currently negotiating the sale of Dynatec's Mining Services division to FNX, as outlined in a separate agreement between Sherritt, Dynatec and FNX. Through the transaction, Sherritt now indirectly owns a 45% interest in, and will operate, the Ambatovy nickel project in Madagascar. Sherritt International, based in Toronto, is a diversified resource company involved in the production of thermal coal, nickel, cobalt, oil and electricity.
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