Teck Cominco to complete purchase of Fording Canadian Coal assets by Thursday

By Lisa Kerner

Charlotte, N.C., Oct. 24 - Teck Cominco Ltd. said it expects to acquire the assets of Fording Canadian Coal Trust before 9:30 a.m. ET on Thursday.

As a result, according to Teck, the Toronto Stock Exchange has issued mandatory special settlement rules that will apply to the units of Fording:

• All trades on Monday will be for special two-day settlement on Wednesday:

• All trades on Tuesday will be for special cash settlement the following business day, Wednesday; and

• All trades on Wednesday will be for special cash same-day settlement.

The New York Stock Exchange will halt trading of the Fording units for the three trading days immediately prior to the effective date of the arrangement, a Teck news release said. As a result, there will be no trading in the units on the NYSE beginning on the opening of trading on Monday through the market's close on Wednesday.

Fording securityholders approved the plan of arrangement to sell the company's assets to Teck at a special meeting in September.

In addition, the companies' plan of arrangement received approvals from the Court of Queen's Bench of Alberta, the European Commission and Canadian, U.S., Turkish and South Korean competition authorities.

Fording, located in Calgary, Alta., is an open-ended mutual fund trust and one of the largest royalty trusts in Canada.

Teck Cominco is a Vancouver, B.C.-based mining company.

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