Sherritt International completes C$1.6 billion acquisition of Dynatec
Torys acted as counsel to Sherritt International with a team that included Geoffrey Creighton, David Seville, Michael Pickersgill, John Unger, Alison Lacy, Melissa Ewert, Sachin Aggarwal, Colin Graham, Michael Fortier, Tyson Dyck, Nadine Rockman Katz, Christina Medland, Mitch Frazer, Rima Ramchandani, Grace Pereira, Stacey Parker-Yull, Andrew Gray, Alison Harnick and Nisha Dhanoa.
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.