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Falconbridge to take Novicourt private

Nickel giant Falconbridge Ltd. plans to take its Novicourt Inc. copper mining subsidiary private at a cost of about $17.5-million. Falconbridge and Novicourt announced yesterday that the Toronto nickel producer will offer $2.30 a share for all the shares of Novicourt that Falconbridge doesn't already own. That amounts to 7.6 million shares, spokesman Denis Couture said. Falconbridge currently owns about 62.1 per cent of Novicourt, which explores for base metal and gold deposits in North and South America. Novicourt said it has appointed a special committee of independent directors to review the offer. FAL.LV (TSX) rose 35 cents to $38.74. NOV (TSX) rose 23 cents to $2.53. CP

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