Printer Friendly

JUSTICE DEPARTMENT TERMINATES AMAX-CYPRUS MERGER WAITING PERIOD

 ENGLEWOOD, Colo., Nov. 9 /PRNewswire/ -- Cyprus Minerals Co. (NYSE: CYM) and Amax Inc. (NYSE: AMX) jointly announced today that they have been advised by the U.S. Department of Justice that it has concluded its investigation under Section 7 of the Clayton Act into the previously announced merger of the two companies and that the waiting period for the merger under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 is being terminated. The investigation was terminated after Cyprus entered into agreements for the transfer of certain molybdenum mining and processing assets to a company newly organized by F. Steven Mooney, who was responsible for Cyprus' copper and molybdenum businesses from 1988 to 1992. The principal assets to be transferred are Cyprus' Thompson Creek mine and mill in Idaho and Amax's Langeloth facility in Pennsylvania, consisting of a molybdenum roaster and ferromolybdenum processing equipment.
 Thompson Creek was placed on standby status by Cyprus in 1992 and about 12 people are currently employed at the mine. Amax's Langeloth plant employs 65 people and has been on reduced production status. Cyprus is expected to recognize a small gain on these transfers.
 Cyprus and Amax also announced that simultaneously with the receipt of this notice that the companies have also been advised by the Department of Justice that it is investigating whether violations of federal law, including Section 1 of the Sherman Act, have occurred in the molybdenum mining and processing industry and that Cyprus and Amax are among the companies whose activities are under investigation. Cyprus and Amax have advised the Department of Justice that they intend to cooperate fully with its investigation.
 Cyprus and Amax each have scheduled Nov. 12 shareholder meetings to vote on the proposed merger and presently expect that if the merger is approved by their shareholders the merger will be completed on Nov. 15. The transfers of the molybdenum mining and processing assets are contingent upon occurrence of the merger.
 -0- 11/9/93
 /CONTACT: Michael Rounds, Cyprus Minerals, 303-643-5186; or R. Daniel Loh, Amax, 212-856-6007/
 (CYM AMX)


CO: Cyprus Minerals Co.; Amax Inc. ST: Colorado IN: MNG SU:

MF-EH -- LA026 -- 2276 11/09/93 13:14 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 9, 1993
Words:359
Previous Article:BI INC. ANNOUNCES INTENT TO PURCHASEDIVISION OF SCC COMMUNICATIONS CORP.
Next Article:CHANDELEUR BAY PRODUCTION COMPANY LTD. UPDATE
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters