Xstrata says it owns almost 100 percent of Falconbridge

ZUG, Switzerland Mining company Xstrata PLC said Friday it has acquired 99.9 percent of the shares of Canadian miner Falconbridge Ltd.
 
Falconbridge shareholders will receive the equivalent of Xstrata's offer price of 62.50 Canadian dollars (US$55; €43.88) cash per share, the company said in a statement.
 
Switzerland-based Xstrata won control of Falconbridge in August after a heated battle against Inco Ltd. and copper miner Phelps Dodge Corp.
 
Xstrata said it expects to complete the integration of Falconbridge by the end of the year, including a review of the company's aluminum business.
 
In August, Xstrata posted a 42 percent increase in first-half profit to US$1.13 billion (€890 million) as a result of stronger commodity prices.
 
Xstrata shares were flat at 2,187 pence (US$30.60; €32.39) on the London Stock Exchange.