BHP & Magma Complete Tender.MELBOURNE, Australia and TUCSON, Arizona--(BUSINESS WIRE)-- Jan. 5, 1996--The Broken Hill Proprietary Company Limited (BHP) and the Magma Copper Company (Magma) today announced the successful completion of a BHP subsidiary's tender for the stock of Magma. BHP has accepted for payment all outstanding Magma shares properly tendered pursuant to the tender offer, which expired at 12:00 midnight, New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. time, on January 4, 1996. These shares represent about 87 per cent of the outstanding Magma common stock on a fully diluted basis (including the preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. as if they had been converted into common stock) and BHP is now in a position to effect the merger. BHP Minerals CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Mr. J. K. (Jerry) Ellis, said: "We are pleased with the timely and successful conclusion of the tender. BHP now has a majority of Magma shares and steps will be taken to complete the merger of Magma and the BHP subsidiary." Burgess Winter, Magma's President and Chief Executive Officer, said: "The merger shall position the newly formed BHP Copper Group with both the financial and strategic strength to effect an accelerated growth plan. BHP Copper will serve all of the world's major copper markets and has the management expertise to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. the many synergistic benefits and new opportunities which arise from the merger." CONTACT: BHP, San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden (Media Relations) Jay Rhodes, 415/774-2449 (work) 415/567-3600 (home) or BHP, San Francisco (Investor Relations Investor relations The process by which the corporation communicates with its investors. ) Pierre Hirsch, 415/774-2030 (work) or Magma, Tucson Robbie Stephen, 520/575-5710 (work) Sandy Cole, 520/575-4758 (work) |
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